Hindi

SpiceJet’s CFO steps down as losses increase

Avatar of Sneha Verma
hAFUBAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAALwGsYoAAaRlbhAAAAAASUVORK5CYII= SpiceJet's CFO steps down as losses increase

SpiceJet Chairman and Managing Director Ajay Singh claimed that the industry has recently experienced one of the most challenging operating environments, which has had an influence on the development and recovery made in Q3FY2022.

Low-cost airline SpiceJet Ltd. in India announced on Wednesday that Chief Financial Officer Sanjeev Taneja has resigned due to growing losses and a string of mid-air mishaps.

In comparison to the same period a year prior, the company posted a loss of 7.84 billion rupees ($98.61 million) for the quarter that ended June 30. Additionally, the business recorded a loss of 4.85 billion rupees for the quarter that ended in March, which the business claimed was postponed because of a cyber security incident.

The business had additionally disclosed a loss of 4.85 billion rupees for the quarter ending in March. SpiceJet announced that it would raise up to $200 million. Regarding loans to the carrier, certain banks have expressed concern.

“We are optimistic about our future and our continued recovery and in order to achieve our future plans the board has mandated fresh capital issuance and the Company will be shortly engaging with investment bankers for a potential raise of up to $200 million,” he said. 

Employees at the airline said earlier today that their paychecks had been delayed for the second month in a row despite the company’s assertion that payments were being provided in a “graded format.”

Employees reported that the salary payments for July to the personnel, including the flight crew, were delayed. For the fiscal years 2021–2022, many individuals still had not received Form 16.

Total
0
Shares
Previous Post
Accidental $10.5 million transfer to an Australian woman by a cryptocurrency company is discovered after 7 months

Accidental $10.5 million transfer to an Australian woman by a cryptocurrency company is discovered after 7 months

Next Post
Fastest rate of expansion in a year, the economy grew by 13.5% in the June quarter

Fastest rate of expansion in a year, the economy grew by 13.5% in the June quarter

Related Posts