The Bombay Stock Exchange (BSE) is seeking further information after Indian carrier Jet Airways delayed the release of its financial results for the quarter ended June 30.

On Aug. 9, Jet Airways company secretary and VP-global compliance Kuldeep Sharma told the stock exchange 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 ended 30 June, 2018,” Sharma said.

The BSE replied Aug. 10, calling on Jet Airways to provide more information on the adjourned board meeting and reasons for the deferral.

“What are the matters pending for closure of unaudited financial results quarter ended June 30, 2018 of the company, on account of which the results were not recommended by the audit committee to the board?” BSE asked, among other requests for clarification.

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.

Jet Airways responded, providing a summary of the proceedings of the AGM, along with voting results. The airline confirmed that audit committee chairman Srinivasan Vishvanathan’s term as an independent director had expired at the close of the Aug. 9 meeting.

Earlier this month, the BSE sought clarification on several news articles, which have reported financial difficulties at the airline.

In a letter dated Aug. 3, Sharma replied, saying Jet Airways is working to create a “healthier and more resilient business” by cutting costs, increasing revenues and holding talks with key stakeholders.

Sharma rejected one of the negative headlines flagged by BSE as “incorrect and malicious” and denied reports that Jet Airways was considering a stake sale.

Victoria Moores victoria.moores@informa.com