Jet Airways crisis: Grounded airline’s quarterly results delayed amid complexities of issues, liquidity crunch


New Delhi: With the “complexities of issues” being faced by Jet Airways, financial results for the June quarter are yet to be finalised and the process is taking time, according to a communication.

The affairs of Jet Airways, which closed down its operations on 17 April, are now being managed by resolution professional Ashish Chhawchharia under the insolvency law.

In the communication to the exchanges, Chhawchharia said that prior to the commencement of the resolution process, directors, chief executive officer, chief financial officer, company secretary and other top management personnel had resigned from the company.

 Jet Airways crisis: Grounded airlines quarterly results delayed amid complexities of issues, liquidity crunch

Representative image. Reuters

“Further, the access to data was not available until mid-July. Pending book closure process, financial results for the quarter ended 30 June 2019, have not been prepared/finalised till date…” he noted.

He also said the requirement under Regulation 33 of Securities and Exchange Board of India (SEBI) LODR (Listing Obligations and Disclosure Requirements) cannot be compiled with within the prescribed timelines.

One of the requirements is that listed companies have to report their financial results within a specified time frame from the end of a particular quarter.

The communication, dated 14 August, has been submitted to the bourses by the company as a regulatory filing on Friday.

“… with the complexities of issues being faced by the company along with the paucity of funding, etc., the entire process is taking time. I assure you that all the attempts are being made to regularise issues at the earliest,” Chhawchharia said.

The deadline for submission of bids for Jet Airways ended on 10 August.

Shares of the airline fell nearly 5 percent to close at Rs 40.25 apiece on the BSE.

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