The shareholders of debt-laden Jet Airways (India) Ltd passed all the resolutions presented at its extraordinary general meeting and paved the way for the lender to execute its resolution plan by taking control of the stalling airliner’ cockpit.

According to the Jet Airways regulatory filing, all the five resolution which includes converting loans into shares, boosting share capital and allowing lenders to appoint directors on the board etc were accepted by over 98 per cent of the shareholders.

The breakdown of the resolution presented and their acceptance percentage are:

1. Increasing Authorised Share Capital-  98% of shareholders accepted the Resolution.
2. Increasing Authorised Share Capital- 98% of shareholders accepted the Resolution.
3. Alteration of Articles of Association- 98% of shareholders accepted the Resolution.
4. Alteration In ‘Object Clause’ of Memorandum of Association-  99.9% of shareholders accepted the Resolution.
5. Alteration In ‘Liability Clause’ Of Memorandum Of Association- 99.9%  of shareholders accepted the Resolution.

The airline, which has a debt of over Rs 10,900 crores, on February 14, approved a resolution plan under which the airliner would issue 11.4 crore shares to lenders for an aggregate value of Re 1.

Read EquityPandit’s Technical Analysis Of Nifty