India’s corporate affairs ministry seeks answers from Jet Airways
The financial woes of Jet Airways continue.
The airline confirmed it has received notice to provide information to India’s Registrar of Companies after the RoC received an undisclosed complaint.
It is thought to relate to the airline’s postponement of its quarterly results which were not signed off by auditors due to irregularities.
The RoC is part of India’s corporate affairs ministry.
"The company has received communication from the office of Registrar of Companies seeking response to a compliant received by their office. The company is taking necessary steps to submit its responses in this regard," an airline spokesman said.
The airline announced its unaudited results last week which showed a second successive loss.
In a bid to free up funds to stay afloat, the airline will wet-lease some aircraft and sell stakes in its 8.5-million member loyalty programme JetPrivilege.
Jet’s cost reduction strategy involves streamlining maintenance, and cutting sales and distribution costs, and the airline even attempted to cut salaries of some employees by up to 25%.
It says it is on track to reduce non-fuel costs by about 15% over the next two years.
An increasingly weak rupee and high fuel costs have hit all Indian carriers hard but fares have stayed low due to intense competition.
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