Naresh Goyal, chairman of Jet Airways India Ltd., at International Air Transport Association (IATA) annual meeting in Kuala Lumpur, Malaysia. (Photographer: Goh Seng Chong/Bloomberg News)
Twenty-five years after he founded Jet Airways, debt troubles have forced Naresh Goyal to step down as chairman and relinquish his seat on the board. His wife Anita has also resigned from directorship. Their shareholding, once a controlling 51 percent stake, stands diluted at 25.5 percent due to conversion of debt to equity. With the Goyals gone, lenders are hopeful they will find a buyer/investor who can revive the airline. But that...