Jet Airways sees top level exodus: CEO Vinay Dube, three senior executives deboard airline

Adding to the list of top officials quitting the cash-strapped Jet Airways, Company Secretary and Compliance Officer Kuldeep Sharma resigned on Tuesday.  

The latest resignation comes hours after Vinay Dube stepped down as Jet Airways' chief executive officer, ending a 21-month long tumultuous tenure during which the once-storied carrier shuttered operations due to cash crunch. 

An Indian-American, Dube joins the growing list of exits at Jet Airways, which served the Indian skies for more than 25 years.

Dube's resignation comes a day after Deputy CEO and Chief Financial Officer Amit Agarwal quit.

Earlier on Tuesday, Jet Airways informed stock exchanges that Agarwal has resigned from the company, with effect from May 13, due to personal reasons.

The exit of the top officials also comes at a time when the SBI-led lenders' consortium is trying hard to find a buyer for the ailing Jet Airways. The carrier stopped flying on April 17 after it ran out of cash.

Last month, Independent Director Rajshree Pathy, Non-Executive and Non-Independent Director Nasim Zaidi as well as Whole Time Director Guarang Shetty, had quit.

In late March, Jet Airways Founder Naresh Goyal along with his wife Anita Goyal as well Etihad Airways' nominee director Kevin Knight stepped down from their respective position following a debt-recast plan.

Naresh Goyal also stepped down from the post of Chairman.

Etihad is a strategic investor in Jet Airways.

In November last year, Independent Directors Vikram Singh Mehta and Ranjan Mathai had resigned from Jet Airways' board.

At present, Etihad nominee Robin Kamark, Ashok Chawla and Sharad Sharma, are the only directors on Jet Airways's board, as per the airline's website.

On behalf of the lenders, SBI Caps had sought bids for sale of up to 75 per cent stake in Jet Airways.

After the first round of bids, private equity firms IndiGo Partners and TPG, Etihad Airways and National Investment and Infrastructure Fund (NIIF) were shortlisted.

Abu Dhabi-based Etihad Airways submitted its bid to acquire a minority stake in Jet Airways with a lot of riders that involved finding more investors, leaving little hope for the airline's survival.

"Etihad re-emphasises that it cannot be expected to be the sole investor, and that, amongst other requirements, additional suitable investors would need to provide the majority of Jet's required recapitalisation," Etihad said in a statement on May 10, which was the last date for submission of bids.