Retail shareholders held round 20 per cent stake in Jet Airways.
New Delhi:
The destiny of round 1.48 lakh retail shareholders who maintain round 20 per cent stake within the beleaguered Jet Airways stays unsure after the Supreme Courtroom ordered the liquidation of Naresh Goyal-led grounded airline.
On the present market capitalisation of Jet Airways at Rs 386.69 crore, retail shareholding within the airline is round Rs 74.6 crore.
Retail shareholders held round 20 per cent stake in Jet Airways (as of September 30). Different main shareholders embrace Etihad Airways (24 per cent) and the erstwhile promoters (25 per cent).
The inventory of Jet Airways, locked in a 5 per cent decrease circuit following the order, ended at Rs 34.04 apiece on Thursday. The share hit a excessive of Rs 63.15 in March however has misplaced greater than 46 per cent since then.
A Bench, headed by CJI DY Chandrachud, allowed the lenders’ plea in opposition to the switch of possession of the grounded airline to Jalan Kalrock Consortium (JKC). The Bench invoked its extraordinary powers beneath Article 142 of the Structure “for doing full justice” between the events and ordered the appointment of a liquidator forthwith.
Additional, it ordered the forfeiture of Rs 200 crore infused by the JKC and directed lenders to invoke the Rs 150 crore Efficiency Financial institution Assure (PBG).
Within the plea filed earlier than the apex courtroom, the Committee of Collectors (CoC), led by the State Financial institution of India, has stated that the proposed revival plan was not in the most effective curiosity of lenders and questioned the Nationwide Firm Regulation Appellate Tribunal (NCLAT) order upholding the decision plan.
As a consequence of extreme monetary misery, Jet Airways, as soon as considered one of India’s largest and hottest airways, entered the company insolvency decision course of beneath the Insolvency and Chapter Code (IBC) in June 2019.
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