Jet Airways result: Airline says not in a position to approve 2018-19 financial result

Jet Airways on Thursday said it is not in a position to consider audited financial result for 2018-19 due to ongoing process for management change.

In a filing to the stock exchanges, Jet Airways said it is not in a position to consider and approve the audited financial results for the year ended March 31, 2019. Photo: Reuters

Shuttered for more than a month, Jet Airways on Thursday said it is not in a position to consider audited financial result for 2018-19 due to the ongoing process for managing change and resignations of key managerial personnel.

Once a storied full-service carrier, Jet Airways temporarily suspended operations in April after running of cash.

In a filing to the stock exchanges, the airline said it is not in a position to consider and approve the audited financial results for the year ended March 31, 2019.

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The airline cited "ongoing bidding process undertaken by the domestic lenders for change in management of the company, coupled with resignation by members of the board of directors, its key managerial personnel and other employees across functions," as reasons for not considering the results.

Earlier this month, Jet Airways Chief Executive Officer Vinay Dube and his deputy Amit Agarwal put in their papers.

The consortium of lenders -- led by SBI -- is struggling to find a buyer for the airline. Shares of the airline rose 1.51 per cent to close at Rs 150.85 on the BSE.

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