Jet Airways CEO Vinay Dube quits within hours of CFO leaving

Vinay Dube CEO Jet Airways

The airline temporarily shut its operations on April 17.

The exit comes days after the airline's top executive Gaurang Shetty resigned from the board of directors.

Grounded carrier Jet Airways' deputy chief executive and chief financial officer (CFO) Amit Agarwal has resigned, the airline said on Tuesday.

"Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that Mr Vinay Dube, Chief Executive Officer of the Company, vide his letter dated 14 May 2019, has resigned from the services of the Company with immediate effect due to personal reasons", the company said in a regulatory filing on Tuesday. Former Chief Election Commissioner Nasim Zaidi resigned from his position as Non-Executive and Non-Independent Director on the airline's board citing personal reasons and time constraints. Besides employees exiting, its aircraft are also being gradually de-registered. These events have added to the growing uncertainty about airline's revival.

"Etihad re-emphasises that it can not 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.

SBI is believed to be in talks with National Investment and Infrastructure Fund (NIIF), a joint venture between Government of India and Abu Dhabi Investment Authority, to join hands with Etihad Airways to revive the airline. The other two bids for the airline were unsolicited.

Shares of Jet Airways Ltd. fell as much as 11.4 percent on Monday after media reports said a buyout offer from Middle Eastern carrier Etihad Airways was non-binding and might not guarantee a deal for the struggling Indian carrier. "And Etihad also wants an exemption from the open offer", sources said.

Jet Airways employees protest at Jantar Mantar in New Delhi.

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