Jet Airways
Jet Airways

Shares of shuttered Jet Airways nosedived nearly 5 percent on Friday after shareholders did not approve the carrier's financial results for the last two financial years.

The scrip of the airline, which has been undergoing insolvency resolution process for nearly two years, touched its lower price band of Rs 90.25 apiece on the BSE.

It declined nearly 5 percent to end the day at Rs 90.30 apiece.

On the NSE also, similar trends were witnessed and the airline's shares dropped nearly 5 per cent to close at Rs 90.70 apiece.

On Friday, the 30-share BSE Sensex closed marginally higher.

Shareholders of the company have rejected approval for its audited standalone financial statements for the financial years ended March 31, 2019 as well as March 31, 2020, according to regulatory filings.

The proposal to appoint Sharp and Tannan Associates, Chartered Accountants as statutory auditors has been cleared by the shareholders.

Voting results of the company's annual general meeting held on June 15 was submitted to the stock exchanges on Thursday.

Jet Airways was not able to prepare its financial results on time as directors, CEO, CFO and various other top management personal had resigned before the resolution process began in June 2019.

The affairs of the shuttered airline is now being managed by insolvency resolution professional Ashish Chhawchharia.

Under the resolution process, Jalan Kalrock Consortium has emerged as the winning bidder for the airline and the National Company Law Tribunal''s decision is awaited.

The airline suspended operations on April 17, 2019 due to financial distress. It had come a scheduled carrier in 1995.

It had started as an air taxi operator on May 5, 1993, with a fleet of four leased Boeing 737-300 aircraft. The airline, which got listed on domestic bourses in February 2005, operated its first international flight from Chennai to Colombo in March 2004

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Free Press Journal