Kingfisher Airlines Ltd has informed BSE that the Company have addressed a letter dated May 19, 2014 to the Registrar of Companies. As stated in Companys letter to the Registrar of Companies, the Company is still awaiting security clearance from the Ministry of Civil Aviation for the appointment of Mr. Lalit Bhasin as a director of the company. As a result, there is no quorum to hold a Board meeting. In terms of Clause 41(d) of the Listing Agreement, the Company is required to submit audited financial results for the entire financial year within sixty days of the end of the financial year. Further, Clause 41 (II)(e) requires that the annual audited financial results should be approved by the Board of Directors and shall be signed by the Chairman or Managing Director and in terms of Clause 41(VI)(a), the Company is required to publish the audited financial results within forty eight hours of conclusion of the Board Meeting at which the financial results were approved. In view of what is stated above, it is impossible for the Company to publish the audited financial results for the year ended March 31, 2014 unless the security clearance for the appointment of Mr. Lalit Bhasin is granted by the Ministry of Civil Aviation, and as a result there is quorum to hold a Board meeting. Further, the Company has not carried on operations since October, 2012 and there are hardly any employees attending office and the Company is currently operating with skeletal staff making it difficult to audit and publish the results in time.

Source : BSE - www.bseindia.com

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