The NSE and the BSE have sought details of Jet Airways’ board meetings and factors leading to the decision to defer the announcement of June quarter results.

Late on Thursday, in a BSE filing, the Naresh Goyal-run airline said the board has decided not to review the unaudited financial performance for the June quarter. “The audit committee did not recommend financial results to the board for its approval, pending closure of certain matters,” the airline said in the filing without offering more details.

BSE and NSE said the disclosure lacked “certain information” and that Jet should submit complete information available with it, to be in compliance with Regulation 30.

BSE said, “While it is disclosed that the meeting is adjourned, the date and place of the adjourned board meeting are not stated.”

In its response to the exchanges, Jet said: “The company shall, in due course, intimate on the date of meeting where the financial results will be considered by the board.”

The BSE also sought details on the “pending close of certain matters”, to which Jet merely said: “Please note that since the management informed the Audit Committee that they needed more time to finalise the accounts, the Audit Committee agreed to accord them further time... and directed that the finalised accounts be placed before the Audit Committee thereafter.”

Triggers speculation

In effect, Jet neither gave any reason for delaying the announcement of financial results nor has given a tentative date when the financial results could be declared, setting off speculation about the company’s financial health. In the previous quarter, Jet Airways posted a loss of ₹1,000 crore.

Jet investors have taken a beating with the stock hitting a 52-week low on Friday, closing at ₹276.40 on the BSE.

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