Alleged fraudulent practices: Post complaint, Sebi seeks details from Jet Airways

The Indian Express: May 31, 2018

The Securities and Exchange Board of India (Sebi) has sought information from Jet Airways following a complaint alleging fraudulent practices by the airlines. Jet Airways on Wednesday, in a stock exchange filing said last month the regulator sought views of the statutory auditors and the audit committee on certain allegations. However, it did not divulge the details of the complaint against the firm. The disclosure came in response to a clarification sought by the BSE on reports about alleged fraudulent practices by Jet Airways promoter Naresh Goyal and fall in its share prices.

The airline in its clarification said similar allegations had earlier been communicated to it by Sebi in June 2016, based on a complaint received by the regulator. “The company had provided its response to Sebi in July 2016. No further communication was then received from Sebi in the matter,” the filing said.

Jet airways said that in a communication on April 30, 2018, Sebi forwarded to the company “another complaint received by it” containing substantially similar allegations. The regulator also sought the views/recommendations of the statutory auditors and the audit committee of the company on the same, it added.

“The company has already taken necessary steps in this regard as directed by Sebi and is in communication with Sebi in the matter,” Jet Airways said.

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