Move aims to comply with Sebi's norm
Minority investors of SpiceJet might be feeling cold-shouldered.
Carrying on with its low-fare offers, SpiceJet has now started giving limited-period discounted tickets to flyers from Andhra Pradesh, Tamil Nadu and West Bengal.
SpiceJet has decreased its domestic services by 31 per cent to 2,995 weekly flights in the upcoming winter schedule as compared to 4,316 weekly flights that it got approved for the winter schedule of 2019, the aviation regulator DGCA said on Thursday. Meanwhile, Vistara, another private carrier, has increased its domestic services by 22 per cent to 1,675 weekly flights as compared to 1,376 weekly flights for 2019 winter schedule, the regulator added. The winter schedule begins on October 31 of a year and ends on March 26 next year.
Chief Operating Officer, Sanjiv Kapoor will be leaving the company effective October 31, 2015 after two years with the organisation.
The sources in the know said around 7 flights each of IndiGo, Vistara and SpiceJet got the threats while 6 flights of Air India received the threats.
Expanding its international operations, the airline will launch its daily direct flight to Saudi Arabia's capital Riyadh from January next year.
The airline has already commenced the sale of tickets for the new destination, which will be the ninth international sector to be served by carrier, SpiceJet said.
HC asks DGCA not to de-register SpiceJet planes till April 6.
The Forbes magazine had adjudged Maran as the 38th richest man in India, with a net worth of $2.3 billion (as of September).
SpiceJet urges HC to direct DGCA not to deregister its planes.
SpiceJet is planning to raise a total of $100 million for fleet expansion by the end of the current financial year, according to Siddhant Sharma, CEO of the Delhi-based budget carrier. Sharma's comments come just a day after the UK-based promoter-director of SpiceJet said he was willing to divest his 12.91 per cent stake in the airline if he got the right valuation.
Board has also accepted the resignations of Marans.
The sources indicated that the AAI, which had given time to SpiceJet till Monday to clear its dues, would not press the deadline and give the airline more time to pay up.
The market is abuzz about how the fabled investor got it wrong.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
As many as 19 flights have received bomb threats in three days and a Riyadh-bound IndiGo flight was diverted to Muscat due to the threat, according to officials.
Airline systems across airports, which were impacted due to a global IT outage on Friday, have started working normally, and all issues are likely to be resolved by noon on Saturday, Civil Aviation Minister K Rammohan Naidu said. The ministry is constantly monitoring the operations at airports and airlines to ensure travel readjustments and refunds are taken care of, he added.
Meanwhile, the company's shareholders last week approved proposals to raise Rs 145 crore through issue of debentures and warrants, on preferential basis, to its promoter Kalanithi Maran.
It is imperative that the government first decides who should assume ownership of running Air India.
Reliance Industries Ltd is likely to import jet fuel for SpiceJet.
Oil firms will supply fuel to SpiceJet on 'cash and carry basis'.
Stocks of SpiceJet on Friday surged nearly 10 per cent after the company returned to original promoter Ajay Singh for its revival in a multi-layered deal worth up to Rs 1,500 crore (Rs 15 billion).
Ajay Singh would infuse Rs 1,500 cr in SpiceJet.
Low fare private air carrier SpiceJet on Friday announced 'Red Hot Specials' scheme under which it would sell 9,999 seats for Rs 999 for all the six sectors it operated.
The four 78-seater Q400s would connect Hyderabad with 12 Tier-II and Tier-III destinations.
The Supreme Court on Friday got irked over a lengthy judgement penned by a single judge bench of the Delhi high court in a case related to an arbitral award involving media baron Kalanithi Maran and SpiceJet, saying there was no "application of mind". Suggesting that the case be now transferred to another judge by the Delhi HC, the top court said the judgement "has to be carefully articulated" and "the judge must apply mind to grounds of challenge and then deduce if interference is warranted". The strong observations against the single judge bench came from a bench headed by Chief Justice D Y Chandrachud during the hearing of an appeal by Kalanithi Maran and Kal Airways against a Delhi high court order setting aside an arbitral award asking the SpiceJet to refund Rs 579 crore plus interest to the media baron and his firm.
The airline re-built the flight schedule and refunded passengers.
SpiceJet is having tough times due to a huge financial crunch.
No frills airlines SpiceJet and IndiGo have merged fuel surcharge with the base fares, saying it would simplify the prevailing fare structure.
Shares of SpiceJet surged over 17 per cent on Monday after ace investor Rakesh Jhunjhunwala's Rare Enterprises picked up 75 lakh shares of the company for more than Rs 13 crore (Rs 130 million) through open market.
SpiceJet strts trimming workforce.
SpiceJet is in talks with aircraft makers for a jet deal.
The airline has promised refunds within 10 days, but there is a rush
CCI's ruling came on a complaint filed by Express Industry Council of India.
SpiceJet, the low-cost air carrier, on Thursday got its shareholders' approval to issue additional equity shares to promoter Kalanithi Maran, who in turn will infuse Rs 130 crore (Rs 1.3 billion) into the airline. Maran's equity holding would go up from 38 per cent to 43 per cent of the company's shares.
Beleaguered no-frills carrier SpiceJet on Monday approached the government for financial aid.
Earlier, PE firms such as Goldman Sachs and Indigo Partners had evinced interest in the Indian aviation market.
The Q400 NextGen turboprop aircraft from Bombardier can seat 78 passengers and has low noise and vibration-free features.
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