Not in position to release financial results: Jet Airways

Beleaguered carrier Jet AirwaysNSE 1.99 %, which ceased operations last month, on Thursday said it was not in a position to release financial results for the year ended March 31. 

The airline had 120 planes in its fleet before going bust. 

In a regulatory filing, the company said, “In view of the 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, the company is not in a position to consider and approve audited financial results for the year.” 

Jet Airways’ competitor IndiGoNSE 0.22 % on Monday had reported a fivefold, or 401 per cent, surge in profit at Rs 589.60 crore for March quarter compared with Rs 117.60 crore in the same quarter last year. 

SpiceJet had posted a 21.86 per cent rise in profit at Rs 56.3 crore compared with Rs 46.2 crore. 

Earlier, Jet Airways’ founder Naresh Goyal and his wife Anita on Saturday were stopped from leaving the country by immigration authorities at the Mumbai airport minutes before their aircraft was about to take off for London via Dubai, according to a report by PTI. 
Naresh and Anita Goyal had resigned from the board of Jet Airways, which the former founded 26 years ago, in March following a debt restructuring plan. He had also resigned as the airline’s chairman. 


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