Jet Airways has informed stock exchanges that its financial results for the June quarter would be delayed since it is adopting new accounting standards from this fiscal. The airline proposes to hold its board meeting for approval of the financial results for the June quarter on or before September 14. “Since the company is adopting the Indian Accounting Standards (Ind AS) from the financial year 2017-18… the company may submit its financial results for the quarter ended June 30, 2017 to the stock exchanges by September 14, 2017,” the filing said.
Ind AS is converged with the International Financial Reporting Standards (IFRS). Under Sebi regulations, a listed company is required to submit its quarterly financial results to the stock exchanges within 45 days of the end of a quarter. Shares of the airline was trading marginally lower at Rs 594.65 in late afternoon trade on the BSE.