Why Q1 result delayed and when will they be declared, BSE asks Jet Airways

NEW DELHI: The Bombay Stock Exchange (BSE) has asked

Jet

Airways to disclose why it deferred consideration of Q1 FY 19 financial result.


“It is observed that the disclosure lacks certain information required to be disclosed to the exchange. You may kindly provide the following further details: While it is disclosed that the meeting is adjourned, the date and place of the adjourned board meeting are not stated; What are the matters pending for closure of unaudited financial results quarter ended June 30, 2018 of the company, on account of which the results were not recommended by the audit committee to the board and whether there were any other agenda items discussed in board meeting, which merited disclosure… other than the unaudited financial results, to the exchanges. If so, why have the same not been submitted,” BSE told Jet on Friday.

BSE has also sought clarification from Jet whether its head of audit panel has resigned. The airline’s audit committee comprises three independent directors — former finance secretary Ashok Chawla; SBI ex-MD Srinivasan Vishvanathan and Shell India former chairman Vikram Mehta — and Etihad (which has 24% stake in Jet) representative Harsh Mohan.

After its AGM in Mumbai on Thursday, Jet had told BSE in a late night filing that “the board of directors of the company, at its meeting held (Thursday), deferred the matter of consideration of the unaudited financial results for the quarter ended June 30, 2018. It may be noted that the audit committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters.”

Jet had in fact preponed Thursday's AGM by a day “due to certain exigencies”.

Jet’s shares were trading about 7 per cent low on Friday afternoon and this scrip had touched its 52-week low at Rs 261.60 during intra-day trade.

Ready to Master Stock Valuation? ET’s Workshop is just around the corner!