'Perpetuity’ clause stalls Jet Airway’s new flight plan

This had been one of Etihad’s conditions for providing funds to the airline, which needs Rs 750 crore immediately. The board of the Abu Dhabi carrier, which has a 24 per cent stake in Jet, hasn’t approved the funding because of Goyal’s insistence on waiver of the clause, said people with knowledge of the matter. On the other hand, Indian banks have refused to infuse any money until the promoter stake is cut from the current 51 per cent .

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