Why have Jet shareholders refused to approve financial results of last two years?

Shareholders of Jet Airways decided to reject the financial results for fiscal FY20 and FY19. This was crucial ahead of the final decision by the NCLT on the Jet revival plan. Shareholders rejected financial accounts of both years and voted against it. In fact, out of 15,900 non-promoter shareholders who voted at the AGM, 95% voted against the financial results.

Naresh Goyal and the promoter group abstained the vote at the AGM. It may be recollected that Jet Airways had suspended operations in Apr-19 after running out of cash and absence of any fresh infusion coming in. The situation has become complex after DGCA refused to assure that the new owners of Jet Airways would automatically get access to all the erstwhile slots of Jet Airways. That complicates matters further.