Saturday, August 11, 2018

Jet Airways says loan account with SBI is standard

Jet Airways strongly claimed on Friday that its loan account with State Bank of India is standard after the SBI chairman said that it is under a watchlist. Jet share prices fell steeply on Friday after the company deferred its board meeting to consider first quarter results late Thursday night and the board’s audit committee chairman retired.

Jet clarified on Friday that the chairman Srinivasan Vishvanathan had retired after his term ended, and said that the management needed more time to finalise the accounts.
A Jet Airways spokesperson said that the loan account with SBI is standard. “We are regular in all our payment obligations to all our banks and statutory dues including PF obligations. Our account with all the banks as on date is “Standard”. Your information of Jet Airways being placed in the SMA1 and SMA2 category is incorrect,” the statement added. “We have had scheduled amortizations in the past so many years and the company has met its repayment obligations all the time. This is evidenced by the reduction in the overall debt of the company by ₹3,000 crore in the last three years.
11/08/18 Anirban chowdhury/Saloni Shukla/Economic Times