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Last Updated : Aug 10, 2018 04:47 PM IST | Source: Moneycontrol.com

Jet Airways denies reports of audit committee chief resigning, says his term ended

A company spokesperson said that S Vishwanathan retired as the director and consequently as chairman of the Audit Committee after serving a full term in office.

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Clearing the air over the controversy surrounding the audit committee of Jet Airways not recommending its April-June result to the board, a spokesperson for airline said that the director of its audit committee S Vishwanathan, did not resign, but his term of office came to an end.

The Naresh Goyal founded company said that Vishwanathan retired as the director and consequently as chairman of the audit committee, after serving a full term in office.

Reports of Vishwanathan quitting added to confusion after the company indefinitely postponed the announcement of its June quarter results on August 9.

In a late night announcement, Jet Airways said in a BSE filing, "It may be noted that the Audit Committee did not recommend the said financial results to the Board for its approval, pending closure of certain matters."

The clarification comes after BSE sought specific details of the deferment from the company. These include the date and place of the board meeting where the decision took place.

The exchange asked about matters pending for closure of unaudited financial results, on account of which the results were deferred. It also asked Jet Airways to specify if other agenda items were discussed in the meeting than the ones disclosed to the exchange.

BSE further sought clarification regarding a media report which stated that the chairman of the audit committee had resigned.

As the company is facing financial headwinds, the spokesperson said that the auditors and management informed the committee and the board that they need more time to finalise accounts.

The company pointed out that this is not the first time in corporate India that quarterly financial results have been deferred by a company and that cases previously have been dealt with under relevant regulations.
First Published on Aug 10, 2018 04:44 pm
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