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Jet stocks rise on reports of Goyal quitting, but airline won’t confirm (Lead)

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Mumbai, March 1 (IANS) Jet Airways scrip closed over 5 per cent higher on Friday following reports that company’s Chairman Naresh Goyal has agreed to step down from his post, though the company is yet yet to confirm.

The scrip price settled 5.32 per cent higher at Rs 234.65 per share.

In a post market hour regulatory filing, the airline said it is “committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities…”

“The company is, however, unable to comment on the reasons for the increase in its share price on the stock exchanges.”

The surge in stock prices comes despite the fact that the financially struggling airline has been continuously grounding aircraft over non-payment of amounts outstanding to lessors under their respective lease agreements.

On Thursday, some reports suggested that Goyal will step down as Chairman of the company. But the company’s filing said: “There is no discussion or decision in the Board which would require a disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.”

Analysts said that stocks have surged as Goyal’s exit would make way for fresh investment.

“Stocks are gaining as Goyal’s stepping down will open up the opportunity for new investors which the company is in dire need of,” Saurabh Jain, AVP, SMC Global, told IANS.

Earlier some reports said that Goyal will pump in over Rs 500 crore but even that would not fix things for Jet Airways, he added.

Lately, lending major State Bank of India (SBI) met key stakeholders of the beleaguered Jet Airways to take the proposal to convert a part of the company’s loans into shares and iron out any differences over the plan.

Sources had said that the lending major had met Goyal and Tony Douglas, Etihad Airways Chief Executive Officer, which is another key stakeholder in the airline, on Wednesday to reach an agreement over the implementation of the Bank-led Provisional Resolution Plan (BLPRP).

The proposal, an attempt to relieve the financial strain on the passenger carrier, was put forth to the shareholders at the Extraordinary General Meeting held here last Thursday.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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