Naresh Goyal of Jet Airways holds 26% stake

sterling airport.jpg A federal grant will pay for improvements to perimeter fencing at Sterling Municipal Airport

Mumbai-based Jet Airways founder Naresh Goyal has mortgaged his 26 per cent stake in the company to get a loan from Punjab National Bank. This information is given in stock exchanges. Last month, Naresh Goyal and his wife Anita Goyal resigned from the board of directors under the debt settlement plan (Loan Solution Scheme).
Jet Airways has informed the stock exchange on Thursday that Goyal has mortgaged its 2.95 crore shares to Punjab National Bank, which is 26 per cent of its total share. According to the information given to BSE, it was mortgaged on April 4 in the form of security of the existing / new borrowed from Jet Airways (India) Limited.
On that day, more than 5.79 crore shares were issued by them. They were placed under the “Non Dispose Undertaking” as the security of the loan borrowed from the airline. This information has been revealed according to filing.
Goyal has resigned as chairman of the company which he started 25 years ago. Under the debt resolution plan, the group of banks have established their control over the management of the company. The share of Jet Airways India Ltd was trading at Rs 260.40 with declines.