MCA Seeks Clarifications From Jet Airways Auditors on Deferring Results Announcement
Sources said the Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on delay in announcement of results.
File photo of Jet Airways.
New Delhi: The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results, sources said.
The board of crisis-hit Jet Airways — which is working on ways to reduce costs amid financial woes — on August 9 deferred the matter of consideration of the unaudited financial results for the June quarter.
Sources said the ministry is seeking clarifications from the auditors of Jet Airways on delay in announcement of results.
The auditors are believed to have issues regarding the airline being a going concern, they added.
In accounting parlance, the going concern assumption means that the company would remain in business for the foreseeable future without being forced to halt operations and liquidate its assets.
Markets regulator Sebi is also looking into the airline delaying the June quarter results.
The airline's board is scheduled to meet on August 27 to consider and approve the unaudited financial results for the first quarter ended June 30.
Earlier this month, sources said that Sebi is looking into the airline delaying June quarter results after the carrier's audit committee expressed reservations.
Shares of Jet Airways dropped nearly 3 per cent to close at Rs 292.35 on BSE.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- FASTag Will Soon be Mandatory For Your Car: This is How The Digital Payment Tag Works
- Kareena Kapoor Awestruck by Kalki Koechlin's Six-month Pregnancy
- Google Pixel 4 isn't Coming to India and Desi Fanboys are Upset With Sundar Pichai
- Supermodel Bella Hadid is World's Most Beautiful Woman According to Science
- Xiaomi Mi Air Purifier 2C at Rs 6499 Lands Ahead of Peak Pollution Season