Three directors of cash-stripped Kingfisher Airlines have resigned from the board of directors of the company, the grounded airline said in a stock exchange filing on Monday.
The three directors who resigned are Ravi Nedungadi, Subhash Gupte, and MS Kapur.
While, Subhash Gupte, a former acting Chairman and Managing Director of Air India, held the position of Vice–Chairman at the airline, Ravi Nedungadi served the UB group since 1990 in various capacities, most prominently as the Group Finance Director of the Group’s international business managing the businesses of UB International.
MS Kapur, meanwhile, is a career banker with more than 39 Years experience. He is also the former Chairman and Managing Director of Vijaya Bank.
The airline informed the Bombay Stock Exchange (BSE) on Monday that the intimation (for resignation) was received on April 01, 2014 when resignation took effect under Section 168 of the Companies Act, 2013.
Kingfisher Airlines has been grounded since October 2012, after its operating license was suspended by aviation regulator Directorate General of Civil Aviation (DGCA) following a strike by the airline’s employees.
The Mumbai-based airline, which had accumulated losses of Rs 16,023.46 crore, as of March 2013, hasn’t made a profit since its inception in 2005.
Stocks of Kingfisher Airline closed at Rs 2.29, up Rs 0.20 or 9.57%, on BSE on Monday.