Jet Airways Reappoints CFO Sundaram Ramesh

Jet Airways (India) Ltd., which is undergoing insolvency resolution, reappointed Sundaram Ramesh as the company’s chief financial officer and a whole-time director.

The company’s monitoring committee also reappointed Gautam Acharya as a whole-time director and Rajesh Prasad as a non-executive director of the company, the defunct carrier said in a stock exchange announcement.

The reappointments, effective from 20 October, are for three months.

The executives were first appointed by the monitoring committee on 20 July for three months for the purpose of ensuring compliance with applicable laws, to execute and make filings with the Registrar of Companies and assist in implementation of the resolution plan.

The joint resolution plan of successful resolution applicant Murari Lal Jalan and Florian Fritsch was approved by the National Company Law Tribunal in June 2021. As per the terms, a monitoring committee was constituted to oversee the implementation of the resolution plan.

However, the airline’s rescue is yet to be completed amid issues between the lenders and the winning bidder.

Jet Airways also delayed releasing its unaudited standalone financial results for the quarter and half year ended 30 September 2023 along with independent auditors' limited review report.

In a stock exchange announcement yesterday, the company said its monitoring committee didn’t adopt the results due to some “unavoidable” circumstances and another meeting will be convened shortly to consider and adopt the results.

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