Thursday, August 23, 2018

India's Jet Airways under inquiry for syphoning off funds

The Indian Ministry of Corporate Affairs (MCA) has launched a preliminary probe into Jet Airways (9W, Mumbai Int'l) for the alleged syphoning off of funds, the Financial Chronicle has reported.

The debt-laden carrier has been facing growing regulatory pressure since it delayed the publication of its quarterly results earlier in August. Jet Airways' board is now due to meet and discuss the results on August 27.

Separately, the Ministry of Finance received a letter from a whistleblower, Arvind Gupta, alleging that Jet Airways syphoned off as much as INR51 billion rupees (USD730 million) through deals between the airline and other companies with the same owners. The MCA's probe is not related to the complaint.
23/08/18 ch-aviation