Jet Airways on Thursday convened a meeting of its shareholders where various proposals, including the conversion of loans into shares, were discussed.

The extraordinary general meeting (EGM), which was not attended by promoter and chairman Naresh Goyal, was crucial as it was held after its board recently gave a green signal to a provisional resolution plan that will see the lenders having a majority stake in the airline.

In Goyal’s absence, the meeting was chaired by wholetime director Gaurang Shetty.

During the meeting, which lasted for around 45 minutes, deputy chief executive officer Amit Agarwal told shareholders the airline has been talking to various investors for capital infusion.

Citing the challenging conditions that the airline is passing through because of high fuel costs and competition, he said Jet Airways had been consistently working on cost-reduction initiatives even as it was looking to rationalise the fleet to improve cost efficiency.

Shareholders of the airline who spoke at the EGM sought to know the reasons behind the disappointing airline’s financial performance even as they expressed concern over the drop in the value of its shares over the past few months.

While one shareholder sought more details of the resolution plan, another felt it should be run by professionals and not bankers.

Shares of the airline on Thursday settled with marginal gains at Rs 234.85, a rise of 0.82 per cent over the last close.