Jet Airways hit 5% lower circuit as shareholders reject FY19 and FY20 result ahead of NCLT verdict

The airline that stopped its operation in April 2019 has been under insolvency for more than two years now.

Jun 18, 2021 03:06 IST India Infoline News Service

Jet-Airways3
Investors had a bearish tone in Jet Airways stock on Friday after the company's shareholders rejected the financial result for FY19 and FY20 ahead of the NCLT ruling. The airline that stopped its operation in April 2019 has been under insolvency for more than two years now.

At the moment, investors await for NCLT verdict on a proposal that is seen to revive the airline. The tribunal is expected to pass its judgement soon.

A meeting was held on June 15, 2021, under which, the financial results were discussed.

In its regulatory filing on Thursday, Jet Airways said, "The 27th Annual GeneMeetingting (AGM) of the Company was held on 15th of June, 2021 at 10.a.m through Video conference and other Audio Visual means and the business mentioned in the notice were transacted EXCEPT Agenda No 1 (Ordinary Business) i.e, To receive, consider and adopt the Audited Standalone Financial Statement of the Company for the F.Y ended March 31st,2019, together with the Reports of the Auditors thereon, due to the reason that the votes casted against the resolution no. 1 were more than the votes cast in favour."

Hence, Jet Airways said, "the resolution was not passed with the 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."

The same was intimated about FY19 financial performance.

At around 2.57 pm, Jet Airways was trading at the lower circuit of Rs90.25 per piece down by 4.95% on Sensex.  

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