Naresh Goyal of Jet Airways

After agreeing to step down as chairman of Jet Airways, founder Naresh Goyal penned an emotional letter to the employees of the airline, assuring them that he was willing to make any sacrifice for their benefit. He also thanked his staff for their dedication and love for the brand, and for working tirelessly during these tough times, even when their salaries were delayed.

In the letter sent out to the employees on Friday, March 1, Goyal said he was "prepared to make any sacrifice to ensure your future comfort and prosperity, viability of the airline and welfare of all employees." He added that he would make sure that Jet not only survives these tough times, but also goes on to dominate the market as it once used to.

"While a few steps remain, some critical steps are behind us and the remaining approval processes are well underway... In the last 25 years I have given my life for this company and its employees and today more than ever I am willing to do whatever it takes to ensure that our Jet Airways not only survives but also thrives and dominates and remains the first choice of our customers as before," the Economic Times quoted him as saying.

The founder of the airline also assured his staff that the management, which is led by CEO Vinay Dube, would keep them informed about every resolution that the carrier makes and hoped that things would "gently ease up in the airline's favour" by around March 18.

"In accomplishing this, the stress you and your families have gone through, despite salaries unpaid, fills me with awe and a gratitude I cannot convey," he added. "I can only humble myself before you, having no words to express my deepest appreciation for your selfless loyalty and devotion which I will never forget for the rest of my life. I do not, never have and never shall take your patience for granted.

"Each of you my dear friends and colleagues, are the heart and soul of Jet Airways, always bigger than me - this I have never forgotten and never will." Goyal then went on to appeal to his employees "to bear with me through this difficult situation a little longer, till we emerge out of turbulence and fiscal challenges, into clear blue skies."

Nivaan to be named Executive Director? 

Jet Airways has been witnessing a turbulent time for a while now, defaulting on loan repayments and aircraft lease payments. The carrier is known to have grounded several aircraft in the last few months and delayed the salaries of the staff as well. Amid all this, Goyal's son Nivaan has come to the fore playing an active role in negotiations and policy-making and it is now being said that he may soon be inducted into the company's board of directors.

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A Jet Airways Boeing 777-300ER taxis at San Francisco International Airport, San Francisco, California, February 16, 2015.Reuters file

A person in the know told Livemint that he is likely to be named as the executive director in the board and lenders too have backed this decision. "Lenders don't want a situation where only they have to deal with Etihad. This is why they supported Nivaan's elevation to the board," the person said.

"During the last two meetings of the airline's management with lenders, it was Nivaan Goyal, and not Naresh Goyal, who was present during negotiations with the lenders," a banker, on condition of anonymity told the daily. "It seems he's (Nivaan's) set for a bigger role at Jet Airways."