Logistics

Jet Airways' June quarter results delayed amid ‘complexities of issues’

Our Bureau New Delhi | Updated on August 16, 2019 Published on August 16, 2019

The Resolution Professional (RP) of Jet Airways informed the stock exchanges on Friday that there could be a delay in declaring the stressed airline’s Q1 results. Since there was no “access to data until mid-July”, and due to the “complexities of issues being faced by the company”, declaring results would take time, said Ashish Chhawchharia, the RP.

Under SEBI rules, it is mandatory for listed companies to declare their quarterly results to the shareholders. However, Jet Airways has been grounded since April 17 due to an acute cash crunch.

In May, CEO Vinay Dube, CFO Amit Agarwal, Company Secretary and Compliance Officer Kuldeep Sharma and Chief People Officer Rajhul Taneja had quit the company, citing personal reasons.

In addition to the top management quitting, “pending book closure process, financial results for the quarter ended 30th June 2019 have not been prepared/finalised till date,” Chhawchharia said. “With the complexities of issues being faced by the company along with the paucity of funding, etc, the entire process is taking time,” he added.

He assured the authorities that attempts are being made to resolve the problems.

Last month, the RP had rolled out a proposal to seek expressions of interest (EoIs) for the debt-strapped Jet Airways, which was extended till August 10.

SBI, the lead lender to Jet, had dragged the airline to NCLT after it failed to clear its dues. The Corporate Insolvency Resolution Process commenced on June 20.

Shares of the airline fell nearly 5 per cent to close at Rs 40.25 on the BSE.

Published on August 16, 2019
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