Jet Airways' minority shareholders questioned the airline's resolution plan as well as the board's lack of transparency after the company held an extraordinary general meeting with them on Thursday to discuss the bailout plan, Business Standard reported.
Shareholders and members sought to know what happened to the Tata groups plan to invest in the airlines, the BS report said.
“The resolution plan is not transparent. Where is the blueprint? Who will run the company? Nothing is clear. Interests of minority shareholders are being robbed,” shareholder Arvind Gupta was quoted as saying in the report.
However, the airline’s Deputy Chief Executive Officer Amit Agarwal said that the official announcements would be made only after the receipt of various approvals and added that the management was working to make the airline efficient and sustainable, the report said.
The airline’s board on February 24 approved the draft resolution plan, under which the lenders led by SBI will get majority stake by converting debt to equity.
"The BLPRP currently estimates a funding gap of Rs 8,500 crore (including proposed repayment of aircraft debt of Rs 1,700 crore) to be met by appropriate mix of equity infusion, debt restructuring, sale or sale and leaseback or refinancing of aircraft, among other things," the company had said in a regulatory filing to the BSE on February 14.