SpiceJet Gets Extra Time To Conduct Annual General Meeting

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SpiceJet Gets Extra Time To Conduct Annual General Meeting
03 Sep 2022
6 min read

News Synopsis

SpiceJet announced on Friday that it has been granted a three-month extension to hold its Annual General Meeting for the fiscal year that ends in March 2022. The most recent fiscal year's Annual General Meeting (AGM) will now take place on or before December 31, 2022. On August 31, the budget carrier released its 2021–22 fiscal results along with its June quarter results.

On August 31, the low-cost carrier released its results for the fiscal year 2021–2022, along with those for the June quarter. The airline stated in a regulatory filing that it has a three-month extension from the Registrar of Companies (NCT of Delhi & Haryana) to hold the annual general meeting for the fiscal year ending March 31, 2022.

This is  "due to delay in the publication of financial results for the year ended March 31, 2022, on account of a ransomware attack on IT system(s) which affected the completion of the audit process within the stipulated time,"  it added.

The airline's net loss increased from Rs 235.3 crore in the same quarter last year to Rs 458 crore in the quarter ending March 2022. The net loss increased 73% to Rs 1,725 crore for the entire fiscal year 2021–22 from Rs 998.30 crore in the prior-year comparable period.

SpiceJet, however, on August 31 announced an increase in net loss for the quarter that ended June 30, 2022, to Rs 789 crore, mostly due to increased fuel prices and a decline in the value of the rupee. It recorded a net loss of Rs 729 crore for the three months that ended on June 30, 2021.