Chief Commercial Officer (CCO) Shilpa Bhatia and Chief Operating Officer (COO) Arun Kashyap of airline company SpiceJet, which is facing cash crunch and legal battle, have resigned.
According to media reports, Bhatia and Kashyap will start a new charter airline business together. At present both the officers are on notice period in the company, which is ending on March 31.
Arun Kashyap's wife Meenakshi Kashyap and Shilpa Bhatia's husband Ajay Bhatia started a company named Sirius Indian Airlines Private Limited in August 2023. Then SpiceJet had said that Sirius Airline would not do anything further without the consent of SpiceJet.
COO Arun Kashyap had earlier also left SpiceJet in 2022 and joined Air India as Chief Transformation Officer, but within a year he left Air India and again joined SpiceJet.
Kashyap has worked in Jet Airways and Oman Air. Before this, he was working as Chief Program and Transformation Officer at SpiceJet.
After the news of the resignation of both the officers of the company, today i.e. Tuesday (March 12) a decline of 7.20% was seen in its shares at 11:10 am. SpiceJet shares have fallen 11.99% in the last one month. However, it has given positive returns of 41.66% in the last 6 months and 66.28% in one year.
The company has recently received funding of about Rs 1000 crore from many investors. The company is currently in the restructuring phase. Recently, the company laid off 800 employees as part of cost cutting.
On January 11, the airline's shareholders had approved raising a total of Rs 2,241.50 crore by issuing equity and warrants. In this, 58 institutions were to raise funds of Rs 1,591.5 crore by issuing equity and five were to raise funds of Rs 650 crore by issuing warrants on preferential basis.
After this, on February 22, the company raised funds of Rs 316 crore through preferential issue of equity and warrants. Earlier, on January 26, the airline had infused funds of Rs 744 crore into the airline.
