Etihad nominee on Jet Airways board Robin Kamark quitshttps://indianexpress.com/article/business/aviation/etihad-nominee-on-jet-airways-board-robin-kamark-quits-5734359/

Etihad nominee on Jet Airways board Robin Kamark quits

According to the BSE website, Ashok Chawla, non-executive - independent director, and Sharad Sharma, non-executive — independent director, are the only remaining two directors on the Jet board. Chawla was former Union Finance Secretary and Sharma was MD of State Bank of Mysore.

After CFO's resignation, Jet Airways CEO Vinay Dube puts in his papers
After a weak opening, the scrip further tumbled 6.85 per cent to Rs 120.25 — its 52-week low — on the BSE. (Expres photo by Pradip Das)

Robin Kamark, nominee director of Etihad Airways, resigned from the board of Jet Airways amid speculation that the Abu Dhabi-based airline may not be keen on taking over the grounded airline.

“We wish to inform you that Robin Kamark, nominee director of Etihad Airways PJSC, resigned as director of the company with effect from May 16, 2019.” Jet Airways said in an exchange filing. With the latest resignation, the strength of the Jet Airways board has come down to two.

According to the BSE website, Ashok Chawla, non-executive – independent director, and Sharad Sharma, non-executive — independent director, are the only remaining two directors on the Jet board. Chawla was former Union Finance Secretary and Sharma was MD of State Bank of Mysore.

Kamark, who joined as chief commercial officer of Etihad Aviation Group in July 2018, was appointed on the Jet board in December 2018. Earlier in the week, Jet Airways chief executive officer (CEO) Vinay Dube, Deputy CEO and chief financial officer Amit Agarwal and Kuldeep Sharma, company secretary and compliance officer, quit the company. Gaurang Shetty, a close associate of founder Naresh Goyal, had resigned as whole-time director from airline’s board of directors last week. Jet founder Goyal was forced to step down from the airline on March 25 as part of a deal with lenders. Independent director Rajshree Pathy and former Aviation Secretary and Chief Election Commissioner Nasim Zaidi, who was a non-executive director, also quit Jet board last month.

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The latest bid from Etihad Airways disappointed the lenders with the Abu Dhabi-based airline putting in stiff conditions including write-off of debt, bringing in another investor and exemption from open offer. The Etihad offer has turned out to be another expression of interest without making any binding offer. Etihad had refused to chip in with funds in March as its proposal for exemption from open offer and other concessions did not work out.

In April, Etihad which already owns 24 per cent stake in Jet Airways had refused to bail out the airline and instead offered its stake to the lenders. On April 17, Jet Airways decided to shut down its operations as the consortium of lenders refused to consider extending Rs 400 crore emergency funding to keep the airline flying.