A day after Jet Airways delayed the announcement of its first quarter results of FY19, the BSE and the National Stock Exchange on Friday sought specific details about the firm’s board meetings and factors leading to the delay.
On August 9, the board of Jet Airways deferred publication of its first quarter results as certain matters were still to be closed. The airline had reported an over Rs 1,000-crore loss in the fourth quarter of FY18.
The BSE said the disclosure by the company regarding the delay in first quarter results lacked “certain information” and Jet Airways should submit complete information that is available with it for compliance with the requirements of Regulation 30.
“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?” asked BSE.
“Kindly confirm who has taken the decision to defer the financial result? Kindly confirm when the adjourned meeting will be conducted to consider the financial result,” NSE said. The NSE also asked the company to disclose who took the decision to defer the results.
In a BSE filing late last night, the airline said its board has decided not to review the unaudited financial performance for the June quarter. “The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters,” said Jet Airways.
The BSE also asked “whether there were any other agenda items discussed in the board meeting, which merited disclosure under Regulation 30 of the Listing Regulations, 2015, other than the unaudited financial results, to the exchanges. If so, why have the same not been submitted”.
Referring to the resignation of the chairman of the audit committee as well as the board of Jet Airways, both BSE and NSE asked the company for clarification. “The company may kindly respond on the same, in a definitive manner, along with stated reasons for the same,” BSE said.
Shares of Jet Airways Friday plunged 14 per cent and touched its 52-week low in morning trade.