Embattled businessman Vijay Mallya on Tuesday lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent's Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds", is currently being occupied by Mallya's 95-year-old mother Lalitha. Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a 20.4-million loan to UBS - the claimant in the case.
While one NBW was issued in a 2012 cheque bounce case following Mallya's non-appearance, another was in a case of allegedly evading summons in a FERA violation matter.
SBI has the largest exposure of Rs 1,500 crore (Rs 15 billion) to the airline which has not been serviced since this January.
Protesting against the government efforts to reduce high prices charged by airlines on tickets booked at short-term notice, Kingfisher Airlines promoter Vijay Mallya on Monday said that airfares should not be capped by the regulatory authorities, whether it is in upper or lower band.
Brewing billionaire Vijay Mallya's woes seem to be compounding. His flagship spirits arm, United Spirits Ltd (USL), is starting to mirror Kingfisher Airlines.
IOC encashed the bank guarantee Kingfisher had given for buying aviation turbine fuel or ATF for its fleet of 75 aircraft, 10 days ago, industry sources said. As on April 20, the private air-carrier owed IOC about Rs 160 crore (Rs 1.6 billion) in fuel bills. It sent a cheque of this amount to IOC but the cheque bounced, forcing IOC to encash the bank guarantee.
The Enforcement Directorate had asked for financial details from both public and private sector banks and a part of these details were submitted last week
The stock exchanges have raised various concerns mainly about two UB Group firms -- Kingfisher Airlines and United Spirits -- for not providing required disclosures and not adhering to deadline regarding finacial results and the annual general meeting.
Heineken could call a shareholder meeting to vote on his ouster from a company his father built into a family empire
In August, IndiGo makes its international debut with a nine-aircraft fleet to fly to destinations in Southeast Asia and West Asia.
Sebi's order comes close on the heels of Central Bureau of Investigation naming Mallya, Kingfisher Airlines and nine others, in the charge sheet related to the 2015 loan default case.
A Kingfisher Airlines flight from Srinagar to Delhi was on Wednesday diverted to Jaipur where 28 passengers on board, including a Jammu and Kashmir minister and his family members, were allowed to deplane. The move came under attack from other passengers, who said it was done to facilitate the VIP for his pilgrimage to Ajmer.The airlines flatly rejected the charge as 'absolutely untrue', saying the flight had to be diverted to Jaipur on account of 'VIP movement' at the Delhi
Uniform NPA classification proposed; Kingfisher, Winsome Diamonds among top 3 in finance ministry's top-50 defaulters list
Mallya donated the gold after offering worship and requested temple authorities to use it for gilding the doors at the sanctum sanctorum, Tirumala Tirupati Devasthanams deputy executive officer (temple) Chinnamgari Ramana told PTI.
He still owes hundreds of crores to OMCs.
Kingfisher Airlines, the wholly owned subsidiary of United Breweries, on Tuesday announced the operation of daily Airbus A320 flights on two new routes - Bangalore-Chennai and Bangalore-Hyderabad from Wednesday.
Air services of cash-strapped Kingfisher airlines were badly hit on Sunday with almost half of its flights from major metros cancelled or delayed, causing hardship to passengers and prompting aviation regulator DGCA to contemplate action against the beleaguered carrier.
India's foreign direct investment policy allows foreign investors to pick up 49 per cent stake in domestic airlines, but foreign airlines are not permitted.
Mallya has denied that he had fled India and said he would comply with laws.
A consortium of banks led by SBI had alleged that Mallya concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka HC.
Kingfisher Airlines has introduced the Kingfisher First Companion offer, exclusively for its business class travellers.
A local court in Hyderabad has issued four more non-bailable warrants (NBWs) against businessman Vijay Mallya after he failed to appear in a court here in connection with alleged dishonour of cheques amounting to Rs 2 crore (Rs 20 million) to GMR Hyderabad International Airport Ltd.
Jet Airways, the nation's largest private airline, saw its unpaid jet fuel bills rise by over 65 per cent to Rs 849 crore (Rs 8.49 billion) in the first six months of the 2011-12 financial year, while the dues of Kingfisher Airlines grew by less than 4 per cent during the same period.
After taking off, the captain of the Kingfisher Airlines flight from Hyderabad to Delhi alerted air traffic control saying that he was receiving a smoke detection indication in the cargo hold of the aircraft. As per standard airline procedures, he requested to return to Hyderabad. During the precautionary unloading of the cargo, an un-identified substance was located.
A consortium of Indian banks led by the State Bank of India (SBI) returned to the High Court in London for a bankruptcy application hearing against liquor tycoon Vijay Mallya, as they pursue the recovery of debt from loans paid out to his now-defunct Kingfisher Airlines. At a virtual hearing before Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs on Friday, both sides deposed retired Indian Supreme Court justices as expert witnesses on Indian law in support of their arguments for and against a bankruptcy order against Mallya in the UK. While the banks argued a right to waive their security over the Indian assets involved in the case in order to recover their debt in the UK, lawyers for the 65-year-old businessman argued that the funds in question involved public money held by state-owned banks in India which precluded them from such a security waiver.
Kingfisher lenders will soon decide on future course of action with regard to the grounded airline as they do not want the company to close down, State Bank of India (SBI) said.
The domestic air travel in the first three months of this year witnessed a sharp fall with the number of passengers carried declining by almost 12 per cent over the same period last year.
Bangalore's new airport will be ready on March 7 to receive the first commercial test flights. It plans to start commercial operations on March 28 or 30, soon after Hyderabad's new airport does so on 16 March.
Having failed to receive their May salary as assured by the Kingfisher management, the airline pilots have now threatened to approach DGCA if they did not meet the commitment by today even as the regulator maintained that the issue is out of its purview.
In the 42 months since Air Deccan became a credible and stable challenger to the erstwhile ruling triumvirate of Jet Airways, Indian Airlines and Sahara, the new entrants have garnered about 44 per cent of share of the market.
According to the figures for January, budget carriers alone -- such as SpiceJet, GoAir, IndiGo, apart from Deccan -- have 34 per cent share of the market. A year ago, the figure was only 20.8 per cent.
Justifying the coming together of the two airlines, which account for about 60 per cent of the market share, Goyal said that the break-even point for the aviation sector is at 90 per cent capacity utilisation whereas, "We are now operating between 60-70 per cent." Goyal said, "On top of all this, international airlines are dumping capacity in India, lowering their prices knowing we cannot match the competition.... therefore, we have to work together."
The famous tag of "king of good times", used equally for Mallya and his Kingfisher beer, has been punned mercilessly in newspaper headlines to highlight the trouble in his airline.
Mallya recently acquired 26 percent stake in the country's largest budget airline, Air Deccan.
Embattled Force India team boss Vijay Mallya made his Indian Grand Prix entrance in combative mood on Saturday, lashing local media for their coverage of his business troubles and grounded Kingfisher airline.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
Bowing to the pressure from travel agents, Air India has deferred by one month its decision to withdraw the five per cent agency commission from October 1.On June 20, the airline had informed various travel agent bodies that it was withdrawing the five per cent commission to agents from October 1.
