Government seeks clarifications from Jet Airways auditors on deferring results announcement

The Ministry of Corporate Affairs is seeking clarifications from the auditors of Jet Airways on the airline deferring announcement of its June quarter results

Press Trust of India August 21, 2018 17:06:48 IST
Government seeks clarifications from Jet Airways auditors on deferring results announcement

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 9 August 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.

Government seeks clarifications from Jet Airways auditors on deferring results announcement

Representational image. Reuters.

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 27 August to consider and approve the unaudited financial results for the first quarter ended 30 June.

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 percent to close at Rs 292.35 on BSE.

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