New Delhi, November 7 (IANS). After the Supreme Court’s order on Thursday to sell the assets of Jet Airways, the money of 1.48 lakh retail investors is stuck in the company’s shares.
According to the shareholding pattern of September 2024, retail investors hold about 20 percent stake in the company.
The current market capitalization of Jet Airways is Rs 386.69 crore and the value of retail investors’ shareholding in the airline is around Rs 75 crore.
Apart from retail investors, the second largest shareholder in the company is Etihad Airways, which has about 24 percent shareholding in the company. The remaining 25 percent stake is with the promoters.
On Thursday, Jet Airways shares closed at Rs 34.04 in the lower-circuit, down 5 per cent. The stock had made an all-time high of Rs 63 in March. Since then the stock has fallen 46 percent.
A bench headed by CJI DY Chandrachud allowed the lenders’ plea against transfer of ownership of the defunct airline to Jalan Kalrock Consortium (JKC). The bench used its extraordinary powers under Article 142 of the Constitution “to do complete justice” between the parties and immediately ordered the appointment of a liquidator.
It ordered forfeiture of Rs 200 crore imposed by JKC and also allowed the lenders to encash performance bank guarantee (PBG) of Rs 150 crore.
In a petition filed before the apex court, the State Bank of India-led Committee of Creditors (CoC) has said that the proposed revival plan is not in the best interest of the lenders and will approach the National Company Law Appellate Tribunal (NCLAT) for its order to maintain the resolution plan. ) has been questioned.
Jet Airways was once one of India’s largest and most popular airlines. The airline ceased operations in April 2019 due to financial crisis. After this, it went into bankruptcy process in June 2019.
–IANS
ABS/CBT
