Saturday, August 11, 2018

Jet Airways says deferment of quarterly results not a first in corporate India

A day after board of directors of Naresh Goyal-owned Jet Airways decided not to review the unaudited financial performance for the June quarter, the spokesperson of full service carrier defended the move saying it is not the first instance in corporate India of deferment of quarterly financial results by a company.
The airline said the management and the auditors informed the audit committee that they needed more time to finalise the accounts. "The Audit committee on their request agreed to accord them further time to finalise the accounts," it said.
This was readily agreed by the members of the board, the airline's spokesperson added.
Jet Airways spokesperson further clarified that S Vishwanathan did not quit the Audit Committee, as 'incorrectly reported' in a section of the press. "His term of office came to an end at the AGM held on 9th August, which in fact he attended in person. He hence, retired as a Director and consequently as Chairman of the Audit Committee, after serving his full term of office. In fact the Chairman in his address at the AGM, thanked Vishvanathan for his contribution to the Company and placed on record his appreciation," Jet Airways said.
10/08/18 Business Today