The Hindu Business Line : Kingfisher Air defers audited results

The company said its board meeting on Tuesday did not take up the financial results as all the independent directors, including the Chairman of the audit committee, were absent.

Besides, the audit committee, which was to meet on Monday, also did not meet as the minimum requisite members were not present, the company said in a notice to stock exchanges.

The Chairman of the audit committee could not attend the meeting as he met with an accident, the notice said.

“ …in the absence of all independent directors for the board meeting, the Board of Directors at the meeting, held today in the interest of investors and with a view to follow good corporate governance practice, did not take up the audited financial results of the company for the year ended March 31, 2009 for consideration,” the notice said.

Companies are required to publish their audited annual results within 90 days of the end of the financial year — in this case June 30 — and can seek exemption under exceptional circumstances.

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