SpiceJet COO Kashyap, CCO Bhatia resign amid firm’s cash-crunch issues

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SpiceJet’s Chief Operating Officer (COO) Arun Kashyap and Chief Commercial Officer (CCO) Shilpa Bhatia have resigned from the airline and are currently serving their notice period, sources privy to the development said on Monday. The airline did not respond to Business Standard’s request for a comment on this matter.


Meenakshi Kashyap, wife of Arun Kashyap, and Ajay Bhatia, husband of Shlipa Bhatia, had in August 2023 incorporated a company named Sirius India Airlines Private Limited. SpiceJet had then said Sirius India Airlines will carry out any future activity only with the consent of SpiceJet.


SpiceJet has been facing a cash crunch for the past several quarters. It is also dealing with multiple court cases regarding money owed to former owner Kalanithi Maran, financial services firm Credit Suisse, aircraft lessors, and engine lessors.


SpiceJet had on February 22 raised a second tranche of Rs 316 crore under the preferential issue of equity and warrants, which was approved by shareholders in early January. On January 26, the first tranche of Rs 744 crore was infused in the airline. 


On January 11, the beleaguered airline’s shareholders gave their approval to raise a total of Rs 2,241.5 crore through the issuance of equity and warrants — Rs 1,591.5 crore by issuing equity to 58 entities and Rs 650 crore by issuing warrants on a preferential basis to five other entities.

First Published: Mar 11 2024 | 10:20 PM IST