Private carrier Jet Airways today said it has hived off its loyalty programme Jet Privilege and transferred it to the new subsidiary Jet Privilege Pvt Ltd after receiving the shareholders' nod.
Shareholders' approval was received through a postal ballot held on February 7, Jet Airways said in an exchange filing.
Yesterday, Sebi exempted Jet's equity partner Etihad Airways from making an open offer to the public shareholders of the Naresh Goyal-promoted carrier.
"In accordance with the approval given by the shareholders of Jet...The company has transferred the Jet Frequent Flyer Programme (JFFP) business together with all its business assets and liabilities as per the business transfer agreement by way of slump sale to JPP," the airline informed the exchanges.
Jet and JPPL had entered into 'a slump sale agreement' and 'a commercial agreement' last November, for hiving off JFFP into JPPL and to establish a commercial relationship between them.
