Jet Airways Founder Naresh Goyal Resigns

Jet Airways founder Naresh Goyal and his wife Anita Goyal on Monday resigned from the board of the airline they founded 25 years ago, clearing the way for an immediate bailout of Rs. 1,500-crore by lenders. Naresh Goyal's exit was a condition set by bankers for the rescue of the cash-strapped airline that has been struggling with grounded fleet and mounting dues to banks, suppliers, pilots and lessors. The banks, led by State Bank of India (SBI), will convert their debt into equity and take a controlling stake in the airline for a token sum of 1 rupee.