SpiceJet delays 2022-23 financial results as key audit member unwell

New Delhi [India], June 30 : SpiceJet has informed stock exchanges that it will delay the announcement of its financial results for fiscal 2022-23, citing that a key member of its audit committee is medically incapacitated.

"The company could not hold the meeting of Audit Committee and Board Members in the past for approval of financial results for the financial year ended March 31, 2023 due to ongoing medical incapacitation of a key member of its Audit Committee," SpiceJet said in a notice to the stock exchanges on Thursday.

The airline's stock filing said it will declare financial results "in the coming weeks".

The airline has been struggling over financial constraints in a competitive aviation industry, but it was confident about its growth potential.

Last month, SpiceJet said it initiated the process of reviving its grounded fleet with the USD 50 million funds received by the airline from the government's Emergency Credit Line Guarantee Scheme (ECLGS) and internal cash accruals.

After Go First filed for voluntary bankruptcy in early May, SpiceJet categorically stated that it had no plans whatsoever to file for insolvency.

"We want to scotch any speculation that may have arisen due to the filing by another airline," it said in a statement, clearly referring to Go First's insolvency.

The airline said it is firmly focused on its business and remains in active talks with investors to raise funds.

"There is absolutely no question of filing for insolvency. Any rumour regarding the same is completely baseless. We are focused firmly on reviving our grounded fleet and getting more and more planes back into the air. Work on this front has already begun and the Company is using the USD 50 million ECLGS funds and our own cash," Ajay Singh, chairman and managing director, SpiceJet, had said.