Saturday, August 11, 2018

Jet Airways auditor finds complete net worth erosion

One of the Jet Airways auditors has found complete erosion in net worth of the airline, sources have told ETNow’s Nayantara Rai.

BSR & Co, a KPMG affiliate, also found the airline to not be a 'going concern, which means it won’t be able to carry out any transactions. According to the sources, BSR and KPMG were mulling the possibility of quitting as the auditors.

Shares of the carrier plunged as much as 9 per cent on Friday after the company postponed announcing its first-quarter earnings.

Sources meanwhile have told ETNow that the audit committee has refused to submit BSR's conclusion to the Jet's board.
10/08/18 ET Now/Economic Times