DGCA to conduct financial audit of turbulence-hit Jet Airways

MUMBAI: Aviation regulator DGCA is about to conduct a monetary audit of the Naresh Goyal-promoted Jet Airways, amid its fiscal prerequisites below force due to the surging jet gasoline costs and low fares, a supply said.

The Directorate General of Civil Aviation (DGCA) has already evaluated the monetary health of the national carrier Air India lately, but even so engaging in a special audit of Air Deccan, the supply just about the development said.

The monetary audit of airlines, which has been performed up to now too, is completed to assess their fiscal health and also be sure that they don't seem to be compromising on protection due to monetary rigidity.

"We will conduct the financial audit of Jet Airways from August 27. A similar audit of Air India has been completed," the supply said.

The monetary audit of Air India was once necessitated because the airline has been defaulting on salary payments to its staff, but even so grounding quite a few plane due to cost problems with distributors.

The DGCA has also carried out a special audit of Air Deccan and can soon be engaging in a similar exercise on Air Odisha, following orders from the aviation ministry, the supply said.

The two carriers, which in combination have been mandated to fly on 84 routes below the federal government's regional connectivity scheme, had lately cancelled quite a few flights, mentioning shortage of pilots and technical glitch of their plane, the supply said.

Air Deccan had began operations in December remaining year while Air Odisha took to the skies in February this year.

The Ahmedabad-based GSEC Aviation and Monarch Networth Capital had remaining year bought 100 in keeping with cent stake in Air Deccan and 60 in keeping with cent in Air Odisha.

The Naresh Goyal-promoted Jet Airways, by which Gulf carrier Etihad holds 24 in keeping with cent stake, is grappling with monetary woes and its proportion value has also taken a beating in contemporary weeks.

On August 9, the board of directors of Jet Airways deferred the subject of consideration of the unaudited monetary effects for the June quarter.

Regulator Sebi is taking a look into Jet Airways' deferring the announcement of the June quarter effects following reservations expressed by means of the airline's audit committee.

The loss making Air India, which failed to attract any purchaser previous this year, could also be facing a cash crunch and is looking ahead to Rs 980 crore further investment from the federal government.

It behind schedule the cost of salaries to its staff for the fifth consecutive month in July.
DGCA to conduct financial audit of turbulence-hit Jet Airways DGCA to conduct financial audit of turbulence-hit Jet Airways Reviewed by kailash soni on August 12, 2018 Rating: 5
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