INSUBCONTINENT EXCLUSIVE:
New Delhi: In mounting troubles for crisis-hit Jet Airways, the airline and some credit rating agencies have come under regulatory scanner
for alleged lapses in timely disclosure of default risk of loans worth Rs 11,000 crore taken from state-owned as well as private sector
banks, officials said.
While the concerned loan accounts are believed to have been standardised now, it has been alleged that they were in
default on multiple occasions during the quarter ended June 30 and are continuously on watch list of the lenders, regulatory officials
said.
Officials from credit rating agencies maintained that they have been going by the month-end status report submitted by the airline in
which they had maintained that there was no default.
Jet Airways, which is grappling with financial woes, had last week deferred
announcement of its financial results for the June quarter and is yet to announce a date.
While the capital markets regulator Sebi is
already looking into the issues surrounding deferment of the airline's financial results following reservations expressed by the company's
audit committee, the issue of disclosure about alleged loan default is also being examined now, officials said.
While Jet Airways did not
immediately reply to PTI queries in this regard, rating agency ICRA said it has been regularly receiving the no default declaration (NDS) in
the Sebi-prescribed format from the company at the end of every month and the same has been received for the month of July as well.
With
reference to a recent statement by SBI's Chairman on the status of the loan account, ICRA said the Jet Airways management has confirmed in
writing that that it "is regular in all its payments to all banks".
"We are also checking on the conduct of the account independently from
banks," ICRA said in response to PTI queries.
