New Delhi: Deccan Aviation said it has declassified its founder G.R. Gopinath from the promoter category of the company.
The board of directors of Deccan Aviation, in its meeting recently, considered letters by Gopinath requesting to remove his name from promoter or promoter group category, the company informed the Bombay Stock Exchange on Friday. The board also removed the names of K.J. Samuel and Vishnu Singh Rawal from the promoter or promoter group category.
UB Holdings, which operates Kingfisher Airline, last year picked up a 26% stake in Deccan Aviation for Rs550 crore. Subsequently, it made an open offer for acquiring another 20% .
The merger between Kingfisher Airlines and Air Deccan of Deccan Aviation, is now awaiting Karnataka high court’s approval.
After the nod from the court, the combined entity will be called Kingfisher Airlines Ltd and it will have about 30% market share.
Deccan Aviation, founded in 2003, is credited for heralding the low-cost format of airline business in India.