Jet Airways says unable to specify Q1 result announcement

Closing Printed: Sat, Aug 11 2018. 12 01 AM ISTFollowing the monetary crisis at the airline, the Jet counter has slumped over 20% since 2 July and on Friday it closed at a three-year low of ₹276.Forty, plunging eight.4% on the BSE. Photo: Mint.Mumbai: Jet Airways, which deferred its June quarter outcomes on Thursday with out specifying any causes, on Friday suggested regulator Sebi that it has no longer yet made up our minds on the recent date to mutter the earnings because the audit committee has sought beyond regular time to finalise the accounts. To a inquire of from the regulator on the adjourned board assembly, the airline management suggested that “the company shall in the slay intimate on the date of the assembly the set up the monetary outcomes will more than seemingly be conception of as by the board.” The company additional said it is unable to specify the next date, asserting the audit committee has sought beyond regular time to shut the checklist. “Since the management suggested the audit committee they crucial beyond regular time to finalise the accounts, the audit committee agreed to give them additional time to finalise the similar and directed that the finalized accounts be positioned sooner than the audit committee thereafter,” Jet Airways said in a slack evening BSE submitting. It additionally clarified that there were no agenda on the board other than having a absorb a examine the June quarter earnings. On Thursday, in a slack evening observation, the airline had said it used to be deferring the announcement of its June quarter outcomes to an unspecified slack date, asserting the board of directors made up our minds no longer to learn regarding the unaudited monetary performance for the June quarter “because the audit committee did no longer indicate monetary outcomes to the board for its approval, pending closure of particular issues.” Following this, the markets regulator on Friday sought clarifications from the management. In a separate submitting on Friday, it said the time frame of just director S Vishwanathan had expired at the conclusion of the 26th AGM held on 9 August and he had since then additionally ceased to be a director on the board, other than ceasing to be the chairman of the audit committee. Vishwanathan used to be video show at the 26th AGM held on Thursday, it said and including that he had resigned from the company which led to the deferment of the outcomes announcement used to be “factually unsuitable.” Following the monetary crisis at the airline, the Jet counter has slumped over 20% since 2 July and on Friday it closed at a three-year low of ₹276.Forty, plunging eight.4% on the BSE. From its fifty two-week high of ₹883.Sixty five on 5 January, 2018, the counter tumbled sixty seven.5% to hit a one-year low of ₹286.ninety five in intra-day trading on Friday.First Printed: Fri, Aug 10 2018. 11 59 PM IST