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Home >Companies >News >Jet Airways shareholders reject FY20, FY19 financial results; AGM adjourned sine die

Jet Airways shareholders refused to approve the financial results for fiscals 2019-20 and 2018-19. The development comes shortly before the bankruptcy court's decision on a revival plan for the grounded airline.

In two separate exchange filings on Thursday, resolution professional Ashish Chhawchharia informed that the shareholders decided to votes casted against approving the financial accounts for fiscals ended March 2020 and March 2019 were more than those in favour.

"Hence, the resolution was not passed with requisite majority for which AGM was adjourned sine die and the same shall be considered in adjourned meeting after giving de notice to the shareholders," Chhawchharia noted in both filings.

The financial results for for fiscal ending March 31, 2020 were finalised in February this year, while those for fiscal ending March 31, 2019 were finalised in July last year.

Out of more than 15,900 shareholders voting at the annual general meeting (AGM) held on Tuesday, almost 95 per cent voted against approving the financial results for FY20. For FY19 financial results, this figure stood at almost 96 per cent.

The proposal to appoint Sharp and Tannan as statutory auditors was approved with 99.8 per cent votes in favour.

Founder Naresh Goyal and the rest of the promoters group did not vote during the AGM.

Once the largest in India in terms of market share, Jet Airways suspended operations in April 2019 after running out of funds to continue day-to-day operations and lenders denied requested emergency funding.

The bid submitted by combine of UAE-based business Murari Lal Jalan and London-based Kalrock Capital had emerged as the successful in the airline's resolution process. The National Company Law Tribunal (NCLT) is expected to give its verdict on the plan soon.

Earlier this month, Directorate General of Civil Aviation (DGCA) had told the tribunal in an affidavit that slot cannot be granted to Jet Airways on the basis of historic precedence. Extant norms will have to be followed in this regard once the airline is ready to resume operations, the aviation regulator had said. Jet Airways' slots were distributed among other airlines after it stopped flight operations.

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