Public sector banks were allotted 11,63,30,639 shares in the company on conversion on March 31, 2011.
The GVK Group-run MIAL issued a notice to the airline on Thursday.
Say chief executive's claim is grossly incorrect and as many as 90% of the employees have outrightly rejected the offer.
Full-service carrier Kingfisher Airlines has sought permission from the petroleum ministry to extend the date for paying dues to public sector oil companies for aviation turbine fuel.
With a view to strengthening its presence in tourist circuits, Kingfisher Airlines is all set to introduce direct non-stop flights from Goa to Agra next month, thus becoming the first domestic airline to serve these cities.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier.
Kingfisher Airlines' plans to raise $400 million are on track and private equity players have showed keen interest in investing in the airline, its chairman Vijay Mallya said on Friday after the annual general meeting in Bangalore.
Troubles never seem to end for Kingfisher Airlines with state-run Airports Authority of India on Tuesday tightening the noose saying it wanted a "firm commitment" from the grounded carrier for clearance of over Rs 390 crore (Rs 3.9 billion) worth of dues before it is allowed to fly again.
When contacted whether Letters Rogatory have been sent, CBI sources said "it is in the process".
Pratip Chaudhuri, SBI chairman, feels that the airlines should bring the amount to the table.
Vijay Mallya, promoter of debt-ridden Kingfisher Airlines, would have his stake falling a little below 50 per cent in the company, if a comprehensive debt restructuring is approved by the shareholders on December 20. On a fully diluted basis, it will drop by little over 16 per cent from the current 66 per cent.
UB Group's Kingfisher Airlines, which is scheduled to launch domestic operations from April next, would sign a deal with European aircraft manufacturer Airbus Industries for supply of 14 aircraft in Mumbai on December 18.
The combine has a fleet of 189 aircraft which includes A-320s, A-330s, Boeing-737s, Boeing-747s and turbo props. Industry experts said this would mean the withdrawal of around 75 flights a day, or around 8 per cent of the combine's daily domestic flights.
The inactivity of Go First may help other airlines in India's competitive market as it had a 7.8 per cent market share.
KFA owes BPCL Rs 220 crore or Rs 2.2 billion (after adjustment of interest).
Starting with a minuscule 0.07 per cent share of the market, Kingfisher soared to 7.7 per cent after 12 months and 10.6 per cent in April this year.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
After excluding the shares they have pledged, the promoters hold a meagre 3.55 per cent in the crisis-ridden airline.
"Absolutely not," RBI told reporters when asked to comment on reports suggesting that SBI has agreed to pump more money into the airline. RBI does not oppose "professional decision" of the bank.
Senior lawyer M V Kini agrees to fight their case for free, given their financial condition
Bankers are working on a formula that would aim to keep the re-payment period and the net present value of the asset specified during the first restructuring intact, by increasing the interest rate.
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
At the EBIDTA level domestic operations showed an operating loss of Rs 178 crore.
Justice Manmohan Singh ordered the grounded carrier to pay Rs 28,95,000 to its former pilot, Captain Dinesh Kant Sharma, on his plea seeking payment of his salary for the notice period of five months.
DIAL has filed four cases in June 2012 against Mallya over KFA's cheques totalling Rs 7.5 crore not being honoured.
Sources close to the development told PTI that the open offer was expected to be announced next week. The share price for the open offer would be Rs 155 per share, the amount UB Holdings paid for picking up the 26 per cent stake.
Go First chief executive officer Kaushik Khona and tribunal-appointed interim resolution professional Abhilash Lal on Thursday reached out to the airline's staff, seeking their support for revival. While Khona said the company had taken all steps for the airline's revival, Lal put forward the view it would have to raise funds. Employee engagement took place a day after the National Company Law Tribunal (NCLT) admitted the airline's insolvency plea on Wednesday and ordered a moratorium on recoveries.
From a surge in airfares to rattled aircraft lessors to thousands of employees staring at uncertainty, it has been a month of continued turbulence since cash-strapped Go First suspended flights from May 3. As the government and other stakeholders hope that Go First restarts operations at the earliest, plans are being worked out for the budget airline's revival. A section of Go First staff are optimistic about restarting of operations, another section are pessimistic about the airline's future course considering what had happened to erstwhile Kingfisher Airlines and Jet Airways, according to employees who spoke to PTI.
Did Sheena Bora board a Jet Airways flight on July 22, 2012, a full three months after her death in April 2012?
The Supreme Court on Friday dismissed a plea by beleaguered businessman Vijay Mallya challenging the proceedings in a Mumbai court to declare him a fugitive economic offender and confiscate his properties. The apex court dismissed the petition for non-prosecution after the counsel representing Mallya submitted that he was not getting any instructions from the petitioner in the matter. "The counsel for petitioner states that the petitioner is not giving any instructions to the advocate for the petitioner.
Frequent flight cancellations and the Airports Authority of India's decision to put SpiceJet on a cash-and-carry mode have made online travel agencies nervous.
Goa's second airport began operations last week and if all goes according to plans, the state will be the base for a new regional airline, Fly91. Promoted by the ex-executive vice-president of now grounded Kingfisher Airlines, Manoj Chacko, and Fairfax India's former head, Harsha Raghavan, the airline will offer no-frills buy on board product and serve unconnected routes with two ATR 72 aircraft. An application for the initial no-objection clearance was filed with the civil aviation ministry last week.
New Delhi District Consumer Disputes Redressal Forum, presided by C K Chaturvedi, asked the company to pay Rs 45,792 to Delhi-based family comprising Sandeep Sharma, Navdeep Sharma, Monika Sharma and Poonam Sharma.
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