Jet Airways shareholders reject FY19 and FY20 accounts ahead of NCLT ruling

Shareholders of Jet Airways have rejected the company’s FY19 and FY20 financial accounts. The airline founded by Naresh Goyal suspended operations in April 2019 and has been under insolvency for nearly two years. The National Company Law Tribunal is expected to pass its judgment soon on a proposal to revive the airline.

But ahead of the NCLT verdict, the airline’s shareholders voted against resolutions to approve audited accounts at the annual general meeting. The financial accounts for year ending March 2019 were finalized last July and those of year ending March 2020 were finalized in February.

The audited accounts of both the years were put up for shareholder adoption at the annual general meeting. While Goyal abstained from voting, nearly 95 per cent of the shareholders rejected the resolutions to adopt the financial.

Source: Business Standard