Low-cost airline SpiceJet is headed for a complete overhaul of its board with Sun Network chairman Kalanithi Maran taking over as chairman of the carrier following acquisition of over 66% stake in the in the company through off-market transaction and open offer. The proposal to this effect is expected to come up for approval in the board meeting slated for Monday. ?Maran would formally take over as airline chairman on Monday. Six new directors are also proposed to be inducted with some stepping down,? industry sources said.
Kishore Gupta, director on the company board and an old-timer, is believed to have decided to not continue with the airline.
Maran had in June announced to acquire 37.7% in the airline by buying out Wilbur Ross and Bhupendra Kansagara?s holding for about Rs 750 crore. Following the open offer Maran and his Kal Airways hold now about 66% in the budget carrier.
?I am not sure how many new directors out of the six proposed earlier would actually join the board,? an airline official said.
The civil aviation minister had earlier approved the induction of Maran and five others?Kavery Kalanithi Maran, J Ravindran, M K Harinarayanan, S Sridharan and Nicholas Martin Paul into the airline board.