Deferment of Q1 results lands Jet Air in trouble

Unable to specify result announcement: Carrier

Jet Airways, which deferred its June quarter results on Thursday without specifying any reasons, on Friday informed regulator Sebi that it has not yet decided on the new date to announce the earnings as the audit committee has sought more time to finalise the accounts.

To a question from the regulator on the adjourned board meeting, the airline management informed that "the company shall in due course intimate on the date of the meeting where the financial results will be considered by the board." The company further said it is unable to specify the next date, saying the audit committee has sought more time to close the account.

"Since the management informed the audit committee they needed more time to finalise the accounts, the audit committee agreed to give them further time to finalise the same and directed that the finalized accounts be placed before the audit committee thereafter," Jet Airways said in a late evening BSE filing.

It also clarified that there were no agenda on the board apart from looking at the June quarter earnings.

On Friday, the airline had said it was deferring the announcement of its June quarter results to an unspecified late date, saying the board of directors decided not to review the unaudited financial performance for the June quarter "as the audit com-

mittee did not recommend financial results to the board for its approval, pending closure of certain matters."

It said the term of independent director S Vishwanathan had expired at the conclusion of the 26th AGM held on August 9 and he had since then also ceased to be a director on the board, apart from ceasing to be the chairman of the audit committee. Vishwanathan was present at the 26th AGM held on Thursday, it said and adding that he had resigned from the company which led to the deferment of the results announcement was "factually incorrect."