"No Sacrifice Too Big For Me To Safeguard Interest Of Jet": Naresh Goyal After Stepping Down As Chairman

Jet Airways on Monday announced the resignation of Naresh Goyal and his wife Anita Goyal from its board, clearing the way for an immediate bailout for the cash-strapped airline by lenders. "No sacrifice is too big for me to safeguard the interest of Jet Airways and the families of the 22,000 employees," said Mr Goyal in a statement late on Monday, after stepping down as chairman of the carrier he founded with his wife 25 years ago. Jet Airways' lenders, led by State Bank of India, have proposed a bailout package under which they will convert their debt into equity and take a controlling stake in the airline for Re 1.

Here's the full statement of Naresh Goyal on his exit from Jet Airways:

"For me, the 22,000 employees are my own family, as dear to me as Nivaan, Namrata and my wife Neeta, and no sacrifice is too big for me to safeguard the interest of Jet Airways and the families of the 22,000 employees."

"For the sake of my family of 22,000 employees and their respective families I have today taken the step of stepping down from the Board of Jet Airways. I became the Chairman on 1st April, 1992 and my family is behind me and with me in this decision and I hope you will support my decision too."

"I will miss you one and all. Thank you for your brilliant dedication and loyalty down the years. I am proud of you and wish you all a great future ahead with our Jet Airways!"

Meanwhile, Jet Airways has constituted an Interim Management Committee to monitor its daily operations and cash flow. Jet Airways has struggled to stay afloat, saddled with more than $1 billion of debt. (Also read: Jet Airways shares surge as Naresh Goyal steps down)