Jet Airways shareholders give consent to debt-equity conversion

Jet Airways is facing a cash crunch, leading to delayed salary disbursements and vendor payments

Shareholders of Jet Airways have given their nod for conversion of the airline’s debt into equity, and the appointment of lenders’ nominees on the board. The members approved five enabling resolutions in an extraordinary general meeting (EGM) on Thursday, which will pave the way for an issuance of 114 million shares to lenders as part of the resolution plan.

The resolutions received support of 97-99 per cent of voting shareholders. Other proposals included increasing the authorised share capital of the company, and amendments to the airline’s article of association. The voting result was notified on Friday evening. Founder-Chairman Naresh Goyal did