Two SpiceJet directors resign
24 September 2015
Two independent directors of SpicJet - Nicholas Martin Paul and R Ravivenkatesh - have resigned from the airline's board, the airline informed the Bombay Stock exchange (BSE) in a regulatory filing on Wednesday.
''This is to inform you that Mr Nicholas Martin Paul (Independent Director) and Mr R Ravivenkatesh (Independent Director) have resigned from the company with effect from September 21, 2015,'' the airline stated in a brief communique.
Both Paul and Ravivenkatesh were appointed to the board by the then promoter Kalanithi Maran.
Ajay Singh, the original co-founder, took back the reins of the financially-strapped budget carrier early this year from Marans.
Gurgaon-based SpiceJet returned to profit with a net profit of Rs22.5 crore for the January-March 2015 quarter, after reporting a net loss of Rs124.1 crore during the comparable quarter of the previous fiscal.
India's second-biggest budget carrier by market share, said it cut costs and flew more passengers after the new management pumped in over Rs1,500 crore into the loss-making carrier.
SpiceJet, which earned its first quarterly profit since 2013 in January-march 2015, is in the midst of a recovery plan after it almost collapsed late last year.
Under new chairman Ajay Singh, who took over reins from erstwhile promoter Kalanithi Maran, the airline has cut routes and costs. Its capacity is down a third since last year.