The lawsuits filed for recovering dues of Rs 300 crore from Kingfisher Airlines is exclusive of payments guarantees given by banks.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Giving an idea of the scale of its ambitions, the four-month-old airline recently placed an order for 50 aircraft even as the sector is struggling.
VRL investors have punished the stock for his move, but Sankeshwar is defiant.
Probe agency to set up special software to probe money trail in the case.
With cash-starved private carrier Kingfisher Airlines defaulting on lease rentals of around Rs 1,000 crore (Rs 10 billion), the lessors have taken back 34 aircraft, sources said even as the company maintained that it has returned the aircraft voluntarily.
UB Group Chairman Vijay Mallya is no longer a member of India's 100 Richest club, even as fortunes of the country's uber-rich have seen a significant growth since last year.
Kingfisher had been asked to give its repayment plan in that meeting, failing which the lenders would not be shy of starting the process to sell its assets pledged with them, bankers said.
The Supreme Court Thursday reserved verdict on quantum of sentence against fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, in a contempt case where he has been found guilty. A bench comprising Justices U U Lalit, S Ravindra Bhat and P S Narasimha reserved the judgement after hearing senior advocate and amicus curiae Jaideep Gupta on various aspects related to the contempt law. It even permitted the counsel, who was earlier representing Mallya, to file written submissions, if any, in the case by Tuesday.
Finnair has said that flying from Helsinki to Bangalore and Chennai, where Finnish companies have a large business presence, is part of its expansion plans, besides leveraging from an alliance with Kingfisher Airlines in India.
The debt-laden Kingfisher Airlines stopped operations in October 2012.
Getting his bruised Kingfisher Airlines ready for that auspicious occasion is the least of his worries, as Mallya is scrambling to find an equity partner to keep his Kingfisher aloft.
Abroad, airlines face suspension or hefty fines for unpaid dues or flight cancellations.
Vijay Mallya has lost control of his companies.
Besides non-payment of salaries, Vijay Mallya-owned private carrier, is saddled with huge debt and losses
In the previous decade, the government, with Praful Patel as the civil aviation minister, saw the introduction of an irrational 5/20 policy.
The firm has advised United Spirits Ltd's shareholders to vote against the proposal to re-appoint Mallya as director on the board.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
The special court on Monday rejected Kingfisher's plea challenging ED's claim that Rs 430 crore (Rs 4.3 billion) was siphoned off and used to acquire properties abroad.
IndiGo was set up in 2006 by businessman Rahul Bhatia and Rakesh Gangwal, a former CEO for US Airways Group.
Bankers concerned over Kingfisher losing licenceKingfisher lenders, including SBI, on Saturday expressed concerns over the airline losing its licence to fly, but said recovery of loans through sale of its assets is the last option."... we are concerned as we have no control on these developments.
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
RBI rule, applicable prospectively, also for non-group guarantors.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
Mallya holds a 32.86 per cent stake in United Breweries, after having ceded control to Dutch brewer Heineken in December last year.
The court noted that despite repeated orders, Mallya did not appear in the court and it was inevitable for the state machinery to intervene and ensure his presence.
Most airlines lose 30 pilots a year. Vistara has lost only 2 in 18 months.
Mallya failed to repay loans worth Rs 7,200 cr, did not pay salaries, did not deposit PF, and did not pay income tax. It is still a mystery why banks continued to pour money into the airline when it was on life support
ED is probing Mallya and KFA under anti-money laundering laws in connection with a Rs 900 crore (Rs 9 billion) loan default of IDBI bank
A section of the employees of the grounded Kingfisher Airlines on Thursday went on a hunger strike at the Kingfisher House in Mumbai, demanding immediate payment of salaries, which have been pending since last August.
Vijay Mallya left India on March 2, presumably for London.
Kingfisher pays 37 per cent higher premium while Air India defers renewal. "The Air France crash is expected to provide a $600-$700 million hit (to global insurance companies), which is 40 per cent of the total premium collected, and therefore hardening of reinsurance rates was evident. We had seen prices go up from $2 billion to $4 billion after the 9/11 attacks (in the US)," said ICICI Lombard Reinsurance Head Rajiv Kumaraswamy.
Assuming that the AirAsia, SIA ventures with Tatas take off and others planning to expand don't change their minds.
Jet Airways faces similar setback.
Mallya took a dig at Chaudhuri by saying, while the SBI chairman had all guns blazing on loan recovery, all his guns were blazing on restart and rehabilitation of the airline.
Move to allow the FDI in domestic airlines is expected to benefit Kingfisher Airlines.
Kingfisher Airlines has begin flights between Mumbai and Nasik. The airline's offers an all inclusive fares starting at Rs 885 for travel from Nasik to Mumbai and Rs 883 for travel from Mumbai to Nasik.
Airline says it is in comfortable situation.
In an SEC filing dating back to 1997, he figures as "J Vallabh".
