Despite a bleak operating environment, Jet Airways and SpiceJet have flown into the black. The turnaround may have more to do with their embattled rivals than anything else.
The airline would offer Re 1 ticket to a few passengers through a lucky draw as part of its promotional campaign.
Embattled liquor tycoon Vijay Mallya on Monday lost his high court appeal against his extradition order to India in relation to charges of fraud and money laundering amounting to an alleged Rs 9,000 crores.
The Supreme Court has rejected an appeal by Vijay Mallya to overturn charges against him for allegedly violating foreign exchange rules, adding to the legal challenges facing one of the country's most prominent businessmen.
A Hyderabd court issued a non-bailable warrant against Kingfisher as well as Mallya on Friday in a cheque bounce case, said a Times Now report.
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 Zee saga will see a long-drawn-out court battle before shareholders get any chance to vote on any proposal by the management or Invesco, says Prosenjit Datta.
It said a meeting would be held with the airline's management soon.
The government is not considering closure of any airline, new DGCA chief Prashant Sukul said on Thursday while rubbishing reports that his predecessor, E K Bharat Bhushan, was removed for taking a tough stand against Kingfisher Airlines.
The 62-year-old former Kingfisher Airline boss' defence team, led by Clare Montgomery, opened the day by branding the government of India's evidence presented in the case as "utterly unfounded".
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.
Janata Dal-United president Sharad Yadav has demanded that a case under 302 of Indian Penal Code (punishment for murder) should be filed against Vijay Mallya in connection with the suicide case of the wife of a Kingfisher Airlines employee.
Karishma Kotak talks about leaving the Bigg Boss house as her ailing father passed way and how she is coping with the loss.
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
Mallya will now be the Founder Emeritus of USL
The airline operates flights to eight international destinations: London, Dubai, Colombo, Singapore, Bangkok, Hong Kong, Kathm-andu and Dhaka.
Noting the urgency and desire on the part of India to extradite people accused of corruption, the UK on Friday said a "legal process" is on in Vijay Mallya's matter and it has to be followed through as there cannot be any shortcut. In May last year, the fugitive businessman lost his appeals in the British Supreme Court against his extradition to India to face money laundering and fraud charges. Asked when can Mallya be extradited to India and if some kind of legal issue is still pending in the matter, new British High Commissioner to India, Alex Ellis, without pointing to any particular case, said he recognises the urgency, importance and the desire to get back people who are accused of corruption to India.
"India's global image has taken a beating," Mallya said on the social networking platform Twitter.
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
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 has turned down suggestions from banks that he should give a personal guarantee as a precondition for additional funding to the cash-strapped Kingfisher Airlines.
The Kingfisher Flying Models offers a chance to fly as well as launch your modelling career.
First it was Citibank which ended its exclusive tie-up with Jet Airways, after 12 years. Now it is the turn of American Express to go airline-agnostic -- despite having a co-branded card with troubled carrier Kingfisher Airlines.
The court has now put up the matter for further hearing on October 4
Delivering the verdict, Westminster Magistrates' Court Chief Magistrate Judge Emma Arbuthnot said that there was "no sign of a false case being mounted against him".
Mallya and his group firms are already facing a probe by Enforcement Directorate for alleged diversion of loans taken by long-grounded Kingfisher Airlines
The company said it will appoint a new Chairman at the next Board meeting.
Market estimates suggest the airline has already totted up Rs 1,800 crore of losses in FY20, and FY21 is expected to see losses in the region of Rs 2,500 crore to Rs 3,000 crore Many in the sector say that Vistara lacks the light-footedness of the airlines with which it competes, reports Anjuli Bhargava.
The Nafed has outstanding dues of Rs 224.26 crore (Rs 2.24 billion) as of February 15.
Mallya said the allegations of money laundering and stealing money against him are 'completely false'.
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.
The court imposed Rs 10 lakh as costs on Mallya in the case.
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.
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.
'I've been getting offers to play someone who is sexy, hot and smart.'
Air Deccan, which was renamed Simplifly Deccan after the merger with Kingfisher last year, is now called Kingfisher Red. According to the data released by the civil aviation ministry on Thursday, IndiGo's market share is 10.3 per cent, while that of Air Deccan trailed behind at 10.2 per cent.
Ernst and Young, advisers to Air Sahara, had valued Air Sahara at between $750 million and $1 billion.
With airfares mounting in the last couple of weeks primarily due to cancellation of Kingfisher flights, aviation regulator DGCA on Thursday warned airlines not to raise air ticket prices beyond a given range.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
The final hearing in the case at the London magistrate's court to extradite Mallya to India is scheduled later this month.
