Jet flies into more trouble
Country’s largest lender State Bank of India (SBI) has ordered a forensic audit of Jet Airways’ books, which has been grappling with financial woes for many months, for the period between April 2014 and March 2018, according to sources in the bank.
The State Bank, which is the lead banker to the airlines’ over Rs 8,000-crore loans, has mandated EY to conduct the forensic audit of its books, which has already begun the process, the sources added.
The airline has been struggling to keep afloat following three consecutive quarterly losses of over Rs 1,000 crore each.
The bank’s action comes at a time when the Naresh Goyal-promoted airline is in talks with potential investors to raising funds to tide over the liquidity crisis.
The audit was ordered following a complaint of alleged financial irregularities in Jet Airways accounts by a whistle blower, the sources said.
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