Beleaguered airline has also been unable to stick to payment schedule committed to pilots and engineers. On Wednesday pilots got only 50% of November salary against 75% committed
Jet said it would seek shareholder approval next month to convert debt into equity, increase its share capital and allow lenders to nominate a director on its board
An executive of a private carrier said that default by the airline forcing a lessor to take such a drastic action would weigh heavy on the entire Indian aviation sector
According to sources, Jet Airways, which is grappling with acute financial woes, cancelled around 20 flights on Tuesday
Under a new rescue proposal for India's biggest full-service airline, founder Chairman Naresh Goyal's stake would fall below 20 per cent from 51 per cent currently
The number of aircraft on ground due to non-payment of lease rentals by the carrier now stand at six in the last two days
According to a revised plan, founder-chairman Naresh Goyal's stake in the airline could go down to 16-18%
The airline will also seek approval for their lenders to appoint a nominee director to the board
Etihad Airways, which holds 24% in Jet at present, may up its stake to close to 40% in the airline; EGM scheduled for February 21
The airline is keen to extend the programme beyond Jet partners
Grappling with financial woes, Jet Airways is looking to raise fresh funds, including from strategic partner Etihad
SBI Chairman Rajnish Kumar, Sebi's Ajay Tyagi discuss Jet rescue plan besides other issues
Troubled Jet Airways working to revamp debt and avert collapse
Jet owes over Rs 8,000 crore to the SBI-led consortium
Goyal wants Sebi exemption from takeover code if stake falls below 25%
The resolution plan in this regard would be ready by mid-February. By then, Etihad Airlines, which owns 24% in Jet, aims to conclude its own examination ('due diligence') on the airline's issues
The stock moved higher by 9 per cent to Rs 296, bouncing back 15 per cent from its early morning low of Rs 257 on the BSE.
Jet Airways Chairman Naresh Goyal says this is subject to the condition that his shareholding post such infusion is at least 25%
At Jet Airways, Goyal is the designated head of business transformation and is tipped to be inducted as a director on the bo
Airline says change in board composition under consideration