 "Jet Airways")
The country’s largest lender, State Bank of India (SBI), has ordered a forensic audit of Jet Airways’ accounts. The audit, ordered last week, is being carried out by consultancy firm EY.
Jet is looking for fresh funds from banks and is in discussion with SBI to convert loans into equity and this would depend upon outcome of the audit. The airline has a debt of Rs 82 billion.
The audit is being carried out after a complaint of financial irregularities. The exact details, however, could not be ascertained. The audit period will be April 2014 to March 2018.
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