Jet asked to explain ‘fraudulent’ practices

‘SEBI notice similar to earlier missive’ The Securities and Exchange Board of India (SEBI) has sought information from Jet Airways (India) following a complaint regarding alleged fraudulent practices by the airline. In a stock exchange filing on Wednesday, the carrier said it had received a communication from SEBI on April 30 seeking a response from the company's auditors and the audit committee regarding the complaint. Jet Airways said similar allegations had also been made earlier and that the markets regulator had, in June 2016, written seeking the carrier’s response. ‘Not heard back’ “The company had provided its response to SEBI in July 2016. No further communication was then received from SEBI in the matter,” the company said, adding that the latest communication from SEBI contained “substantially similar allegations.” Jet Airways, however, did not elaborate on the allegations. The company statement came in response to the exchanges seeking a clarification on reports about alleged fraudulent practices by Naresh Goyal, the promoter of the airline. Regarding the latest communication by SEBI, the company said it had “already taken necessary steps... as directed by SEBI and is in communication with SEBI in the matter.” A spokesperson for Jet Airways could not be immediately contacted for a comment. On the BSE, shares of Jet Airways gained 1.14%, or Rs. 4.80, to close at Rs. 425.40.