On Friday, banks, led by State Bank of India (SBI), showed serious interest in favour of a ‘professional team’ taking charge at Jet Airways. The lenders will reportedly infuse more capital only after a change in the beleaguered airline’s management.
This is, indeed, good news. The focus should be on saving the airline, a listed entity, and not in pandering to the promoter’s interests and ego.
SBI has asked Jet Airways chairman Naresh Goyal and three fellow directors to step down from the airline’s board. This is more than understandable. Goyal has, in the past, been often accused of manipulating the party in power to benefit his airline.
When Tata-Singapore Airlines was denied a licence to start an airline in the late 1990s-early 2000s, the media had alleged his hand in it. Read More