Jet: Goyal to continue as majority stakeholder

Denying that its Chairman Naresh Goyal has pledged his entire stake to Punjab National Bank (PNB), Jet Airways on Wednesday said that he will not dilute his equity, by way of a sale, below 51 per cent at any time, and will continue to be the majority shareholder.

In a statement, the airline said it was “factually inaccurate and incorrect” to note that Goyal had pledged 51 per cent shares held by him to the bank.

The clarification came a day after the airline disclosed in a filing to Bombay Stock Exchange (BSE) about encumbrance of his entire holding to the bank.

‘Just an undertaking’

“Jet (Airways) would like to categorically state, for the benefit of all its stakeholders, that the undertaking given to PNB implies that the airline’s promoter and Chairman will not dilute his equity, by way of a sale, below 51 per cent at any time, and will continue to be the majority shareholder in the airline,” the statement said.

“It is thus, an undertaking of non-disposal of any further equity and not a matter of pledging of his shares,” it added.

In the filing to BSE, the airline had disclosed that Goyal has created an “encumbrance” on all his 57,933,665 shares, constituting 51 per cent stake, in the airline effective January 8 to PNB with a “non-disposal undertaking”.