Conditional clearance for Jet-Etihad deal

July 29, 2013 16:44

In major changes that Jet Airways reportedly made to the shareholders agreement to win the FIPB's approval, Etihad will now have two directors on the airline board and not three as proposed earlier. Jet Airways will have four directors.

There will also be six independent directors on the 12-member board and appointments at senior levels will be decided by a majority in the board of directors, the revised agreement proposed in an attempt to address the fear that Jet will lose effective control to Etihad.

After the FIPB nod, the deal will now go to the Cabinet Committee on Economic Affairs (CCEA) and the Competition Commission of India (CCI) for approval. More

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