Banks who had lend to Kingfisher Air are finding it difficult to recover dues.
The Central Bureau of Investigation has started a preliminary enquiry looking into the Rs 950 crore (Rs 9.5 billion) alleged bad loan given by IDBI Bank to Kingfisher Airlines ignoring the company's negative credit ratings and net worth.
After razing his ancestral bungalow, housed in an expansive 4.5-acres of prime location in the central business district of Bangalore, Mallya's attempt to unlock value in the land by building the luxury KingfisherTowers has been stalled.
On Saturday, bankers met the KFA management in yet another inconclusive meeting.
The auditors said that the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income and expenses.
A bench of Chief Justice G Rohini and Justice Rajiv Sahai Endlaw issued notice to the airline and the central government seeking their replies within a week on PNB's plea.
The letter came on a day when at least 16 Kingfisher flights, 10 from Mumbai and six from Delhi, were cancelled due to the strike.
In conformity with civil aviation regulator DGCA's guidelines on reducing flight delay, private carrier Kingfisher Airlines will close its check-in counters for domestic flights 40 minutes prior to departure.
I-T dept refuses to unfreeze a/cs; airline curtails operations; SBI, other bank stocks take a knock
Cash-strapped Kingfisher had the best on-time performance in the last three years and low cost airline IndiGo registered the highest passenger load factor while national carrier Air India remained the worst performer on both the parameters.
SBI has over Rs 1,500-crore (Rs 15-billion) of exposure to Kingfisher.
Bollywood actor Salman Khan launched the Kingfisher Calendar 2011 in Mumbai over the weekend. Here's a look at the stars in attendance!
Airline had promised them salaries by Diwali.
The share swap is expected to be in the ratio of 1: 3, where SpiceJet shareholders will get one share of the merged entity for every three SpiceJet shares owned by them.
Overseas investors, which have been trimming their holdings in Kingfisher Airlines in the past three quarters, have increased their stake marginally in the cash-strapped carrier during the March quarter, according to data available with bourses.
Marking an entry into the high-profile Formula 1 circuit, liquor baron Vijay Mallya-promoted Kingfisher Airlines has inked a multi-year partnership deal with Toyota Motorsport
This partnership also marks for the first time ever that an Indian airline has partnered on this scale with anyone in the F1 circuit worldwide.
Kingfisher Airlines, which emerged out of an impasse over salary payment to its staff, is likely to face more trouble soon with the Revenue Department deciding to move the Supreme Court to expedite recovery of about Rs 330 crore dues.
FIIs' stake in Naresh Goyal-owned Jet Airways stood at 7.10 per cent during the three months through September, compared to 6.38 per cent during the first quarter of this financial year.
With no end in sight to the 16-day impasse over a lockout and strike by its workers, Kingfisher Airlines management has called a meeting with their representatives on Wednesday in a last-ditch effort to convince them to return to work.
At a time when airline across the world is hit due to slowdown and Air India is facing its worst-ever crisis, Kingfisher Airlines announced the launch of flights on eight international routes before the year-end.
Malvinder Singh's name is thrown up by rumour mills, after Tata, Reliance & Sahara.
The Rs 3.6-crore (Rs 36-million) payable by Kingfisher in the court would cover the dues for three months -- July, August and September.
After hearing Kingfisher's plea, the COMPAT observed that the CCI had acted beyond its scope in the matter and set aside the penalty.
With promoters unable to raise money, airline may find it difficult to sustain curtailed operations.
The carrier is loaded by debt of as much as Rs 7,000 crore.
These single-aisle planes, made by European consortium Airbus Industrie, can seat between 160 and 180. They are considered ideal for domestic and short-haul international operations.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
Kingfisher will be permitted to fly abroad this year, following its acquisition of Air Deccan. Since Air Deccan will be eligible for the international arena this August, Kingfisher too will enjoy this right.
The discrepancy was pointed out by the finance ministry in the light of changes in foreign direct investment norms, as specified in Press Note II issued earlier this year, while considering the company's proposal to raise Rs 708 crore (Rs 7.08 billion) through fully convertible warrants. Prior to the Press Note II, the FDI component in Kingfisher Airline was just 16.45 per cent.
Kingfisher Airlines, promoted by the UB Group, expects to get into the black in December. According to Ravi Nedungadi, president and CFO, UB Group, the airline has been driving in volumes and efficiencies which is likely to be reflected in the revenues this month.
The petition has also made the Ministry of Finance and the bank as parties in the case.
Here's a glimpse of the sizzling new bikini shots from the recently-launched Kingfisher Calendar 2010!
Kingfisher Airlines was found to have deducted tax at source on salary payments but had not deposited it in government account, Minister of State for Finance S S Palanimanickam said in a written reply.
Kingfisher Airlines had moved the Supreme Court against a probe into its two-year-old strategic alliance with Jet Airways.
This is the second time since February 2 that the cash -strapped carrier has been suspended from ICH for not paying its dues.
Vijay Mallya, chairman and chief executive officer of Kingfisher Airlines Limited was in Washington, DC on Monday to sign a contract worth $300 million with Pratt & Whitney
The government has de-frozen the bank accounts of debt-ridden Kingfisher Airlines and Air India after the two air carriers made part-payment of their service tax dues.
Government has been planning to relax the norm to three years through a revised aviation policy which is pending before a group of ministers.
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