Etihad representative quits Jet Airways Board

MUMBAI: The Jet Airways board became dysfunctional Friday after Etihad Airways’ representative Robin Kamark resigned, the fourth director to quit in less than a month, leaving it with only two members. The board of a publicly listed company requires a minimum of three members, according to capital market norms.

The airline announced Kamark’s exit in a filing to the exchanges, saying it was effective April 16. Kamark’s departure comes as Jet faces two regulatory probes while its lenders look for investors to save the airline.

To be sure, a new board will be formed if Jet finds investors. Kevin Knight, the other Etihad representative, resigned on March 25, along with founder Naresh Goyal and his wife Anita Goyal. Jet announced the resignation of whole-time director Gaurang Shetty on May 9.

Two independent directors — ex-bureaucrat Nasim Zaidi and businesswoman Rajshree Pathy — had quit in April. On May 14, CEO Vinay Dube, CFO Amit Agarwal, Chief People Officer Rahul Taneja and Company Secretary Kuldeep Sharma resigned from the company. Subsequently, Raj Sivakumar, senior vice president for network and revenue management, as well as Ravichandran Narayan, senior vice president, finance left.

“Because most of the Indian directors had resigned and with the resignation of key management personnel, Robin Kamark, being a foreigner, did not feel comfortable continuing on the board,” said a person familiar with the development.

Meanwhile, civil aviation secretary P S Kharola said on Friday the ministry will create a transparent standard operating procedure (SOP) to allocate Jet’s foreign flying rights to other airlines on a temporary basis.

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