The Bombay Stock Exchange (BSE) is seeking further information after Jet Airways delayed the release of its financial results for the quarter ended June 30. Jet Airways company secretary and VP-global compliance Kuldeep Sharma told the stock exchange, Aug 9, the board had deferred its decision on the financial results. “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 trading window will continue to remain closed and will open 48 hours after publication of results for the quarter,” Sharma said. The BSE also asked Jet Airways to respond to reports that its audit committee chairman has resigned, cautioning that the airline must “henceforth submit complete information” to remain in compliance with market rules. <br/>
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Jet Airways, the carrier trading at the lowest since June 2015 on deteriorating finances and rising default risk on its debt obligations, said it is servicing all its loans on time in spite of surging fuel prices. “We are regular in all our payment obligations to all our banks and statutory dues including provident fund obligations. Our account with all the banks as on date is standard,” the company said Saturday. The carrier had a total debt of INR94.3b (US$1.4b) as of March 31, 2018. Jet Airways says it has been continuously working on “various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee.” The firm’s total debt ballooned to 55.4 times earnings before interest and tax as of March 31, compared with 4.9 times the previous year. <br/>