INSUBCONTINENT EXCLUSIVE:
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 August 9 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.
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 August 27 to consider and
approve the unaudited financial results for the first quarter ended June 30.
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 per
cent to close at Rs 292.35 on BSE.
