Deccan Aviation [Get Quote] said on Friday 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 today.
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 per cent stake in Deccan Aviation for Rs 550 crore (Rs 5.5 billion). Subsequently, they made an open offer for acquiring another 20 per cent taking its holding to 46 per cent.
The merger between Kingfisher Airlines and Air Deccan of Deccan Aviation, is now awaiting Karnataka High Court approval. After the nod from the court, the combined entity will be called Kingfisher Airlines Ltd and it will have about 30 per cent market share.
Deccan Aviation, founded in 2003, is credited for heralding the low-cost format of airline business in India.
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