Jet Airways defers Q1 results
Summary
The Jet Airways board on Thursday deferred the consideration of the its first quarter financial results. The audit committee didn’t recommend results to the board for approval, pending closure of certain matters, the airline said in an exchange filing. Naresh Goyal, founder and chairman of the airline, said the company is developing a new group …
The Jet Airways board on Thursday deferred the consideration of the its first quarter financial results. The audit committee didn’t recommend results to the board for approval, pending closure of certain matters, the airline said in an exchange filing.
Naresh Goyal, founder and chairman of the airline, said the company is developing a new group to improve public perception and the negative publicity at its annual general meeting (AGM) on Thursday, as negative reports emerged on Jet Airways in the last week.
Recently, Jet Airways has been on the news for implying a salary cut of 25 percent, which it later withdrew, and reports emerged that the airline had funds only to last 60 days.
The airline, however, denied these reports. Reports on the airline willing to sell a stake were also denied.
Jet Airways has been waging a battle on several fronts in recent months but lately, India’s second largest airline by passengers has had to face bad press too. After a statement allegedly made by chairman Naresh Goyal went public, indicating a delicate cash position at the airline and urging employees to take a steep and prolonged pay cut, the Jet scrip was hammered at the bourses.
Some pilots began speaking out against the top management for proposing such pay cuts while also being responsible for the current mess. Jet has been waging a tough battle on costs and the latest salvo was asking pilots and other employees to take a pay cut of up to 25 percent to help the company tide over the present crisis.
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