The founder of India’s oldest private airline has been forced out

Quartz - 03-25

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It’s the end of the road for Naresh Goyal. The lenders of the carrier he founded 26 years ago have finally taken control of the airline, forcing him out of the board. Capping weeks of speculation the consortium of domestic lenders, led by the State Bank of India (SBI), have obtained a controlling stake in Jet, according to a filing with BSE on March 25.