Jet Airways quarterly results delayed due to ‘unavoidable circumstances’, board meeting to be held soon

Nov 09 2023 07:38 PM IST
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Jet Airways has delayed the release of its July-September quarter results for fiscal 2023-24 (Q2FY24) The debt-ridden airline informed in a regulatory filing to the stock exchanges that the September quarter results could not be adopted by the ‘Monitoring Committee’ The company said that another meeting will be convened shortly to consider the quarterly results.
Jet Airways quarterly results delayed due to ‘unavoidable circumstances’, board meeting to be held soon
Jet Airways has delayed the release of its July-September quarter results for fiscal 2023-24 (Q2FY24) due to ‘some unavoidable circumstances’. The debt-ridden airline informed in a regulatory filing to the stock exchanges that the September quarter results could not be adopted by the ‘Monitoring Committee’ in the meeting held on Thursday, November 9.
The company said that another meeting will be convened shortly to consider the quarterly results and the date will be notified with the stock exchanges. ‘’The un-audited financial results (standalone) of the company for the quarter and half year ended September 30,2023 ("Financial Results") has not been adopted by the Monitoring Committee in the meeting held today i.e., Thursday, November 09,2023, due to some unavoidable circumstances,'' said Jet Airways in a regulatory filing to the stock exchanges. ‘’This is to further inform that another meeting will be convened shortly to consider and adopt the said Financial Results of the company. Accordingly, necessary intimation w.r.t the same will be filed with the exchanges,'' it added. In a separate exchange filing, Jet Airways said that the company's board approved the reappointment of Gautam Acharya as a Whole-Time Director, Rajesh Prasad as a Non-Executive Director, and Sundaram Ramesh as a Whole-Time Director and Chief Financial Officer of the company, with effect from October 20,2023 for a period of three months. Jet Airways was grounded in April 2019 over growing losses and a debt of about 8,000 crore. In October 2020, the airline's Committee of Creditors (CoC) approved the revival plan submitted by the resolution applicant Jalan-Kalrock consortium (JKC). In the previous update, JKC said it has completed the additional infusion of 100 crore to revive the defunct airline. "The consortium's strategy to revive the airline remains unaltered. The new promoters are determined to re-establish the operations of the airline up and running in 2024," said JK in a statement earlier this year. On Thursday, shares of Jet Airways settled 1.96 per cent higher at 54.60 apiece on the NSE. Livemint tops charts as the fastest growing news website in the world to know more.

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