The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
The foreign institutional investors have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group's Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.
The airline expressed the hope that it would be able to resume operations, after DGCA approves its resumption plan, from November 6.
The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband. The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband.
The engineers of Kingfisher went on a strike on Sunday to protest the non-payment of salaries since March.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
Says will allow winding-up petition of aircraft lessors in case it fails to do so.
The Service Tax Department here has impounded an aircraft of the grounded Kingfisher Airlines for defaulting tax dues amounting to Rs 63 crore (Rs 630 million), officials said on Tuesday.
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.
'I have been most pained at being painted as an absconder'.
While announcing its results on Wednesday for the quarter ended June, UB Holdings said about a tenth of the corporate guarantees for Kingfisher Airlines were being invoked.
It said a meeting would be held with the airline's management soon.
The grounded airline owes Rs 290 crore (Rs 2.9 billion) to AAI towards landing and parking fees.
Kingfisher Airlines needs to invest at least Rs 2,000 crore to restart its operations, said one of its lender SBI's Chairman Pratip Chaudhuri.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
Kiran Rao, executive vice president (sales and marketing, customer affairs) of Airbus, said they have not 'suspended' Kingfisher orders but 'asked' the airlines not to take deliveries.
This is the second time since February 2 that the cash -strapped carrier has been suspended from ICH for not paying its dues.
Losses and lack of bank funds no reason to shut company, says minister
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.
The Centre on Monday told the Supreme Court that "secret" extradition process was going on to bring fugitive businessman Vijay Mallya to the country but it was not aware about its status. The Centre also told the top court that it was not a party to the proceedings.
Mallya said he was being advised by lawyer Harish Salve.
Mallya's airline is the second domestic carrier to have received DGFT approval for ATF import after budget carrier SpiceJet.
UBI's exposure to Kingfisher Airlines was around Rs 350 crore (Rs 3.50 billion) as part of consortium led by State Bank of India.
'I don't think government needs to arrest him'.
The high court verdict in April upheld the 2018 ruling by Chief Magistrate Emma Arbuthnot at the end of a year-long extradition trial that the former Kingfisher Airlines boss had a "case to answer" in the Indian courts.
In mid-September, the auditors had raised questions on Kingfisher Airlines' viability to run operations, based on the 2010-11 profit & loss statement.
A familiar face in the glamour circles, Sidhartha Mallya is being groomed to eventually step into his father's shoes.
The ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.
Analysts say mergers by India's airlines have not been successful so far because of their objectives: it's to either kill competition or acquire flying rights to fly international.
In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options.
Banking industry sources said the move by the lender is pre-emptive to protect its interest.
Kingfisher has a total debt of about Rs 7,057 crore (Rs 70.57 billion) and accumulated losses of about Rs 6,000 crore (Rs 60 billion).
The quantum of punishment is expected to be pronounced on May 5 by the court.
The high court permitted Mallya to appeal on only one limited ground to be able to address the admissibility of some evidence and interpretations made by the lower court.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
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