A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
KWAN was in talks with a few clients in luxury and lifestyle space for Mallya junior. "We signed Sidhartha Mallya to exclusively manage and represent brand Sid.
Domestic and international airfares are set to rise by 5 per cent beginning October as the travel agents prepare ground to recover 5 per cent commission on the base fare: Amount parted to them by airlines for booking tickets on their distribution systems from consumers.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
Finance Minister Arun Jaitley on Wednesday said it was responsibility of banks to ensure no defaulter manages to get away.
Air fares are set to go up again, with the government announcing an over 18 per cent average increase in the prices of aviation turbine fuel, effective Saturday midnight.
Jet Airways and Kingfisher Airlines may move towards a second round of mergers and acquisitions as smaller low-cost airlines and other rivals, hurt by rising fuel prices, seek an exit from the business to cut losses, an industry expert said. State-run oil firms have hiked jet fuel (aviation turbine fuel) prices by 18.5 per cent in line with rising international crude oil prices.
After doing so to Kingfisher Airlines, the Directorate General of Civil Aviation has issued showcause notices to carriers IndiGo and SpiceJet for having allegedly cancelled flights without informing passengers.
There is more worry for Vijay Mallya, battling many a fire. Even as his Kingfisher Airlines struggles to hold itself, another of his major companies, United Spirits, has had a setback in its legal battle against his arch rival, Kishore Chhabria.
The government on Thursday said Kingfisher Airlines has not yet given a revival plan to restart operations, even as employees are aggrieved over non-payment of salaries.
The flights, one each of private full-schedule carriers Kingfisher Airlines (A320) and Jet Airways (B747) will touch down on South Asia's longest runway -- 4,260 metres -- at 4.15 and 4.20, respectively. The first commercial airline to take off on midnight of March 15 is reported to be the German carrier Lufthansa.
Kingfisher Airlines has introduced a daily service between Pune-Delhi.
Kingfisher Airlines chairman and managing director Vijay Mallya is keeping his fingers crossed as he awaits word from Air Sahara
Unlike private carriers such as Jet Airways and Kingfisher Airlines, Air India has not given any security as insurance against default, the Lok Sabha was informed on Friday.
The former liquor baron owes several banks a total of as much as Rs 9,000 crore
Kingfisher Airlines chief Vijay Mallya on Saturday said the company would make a bid to buyout the entire stake in Air Sahara.
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".
San Fransisco and New York are touted to be the first destinations.
Global aviation industry would improve its profit from $6.7 billion to an estimated $8.4 billion thanks to the two countries.
The CBI recently approached the special court in Mumbai for issuance of LoR to conduct a probe to ascertain utilisation of funds received in the US-based bank accounts of Mallya and now defunct Kingfisher Airlines.
Worst quarter in a decade, fund crunch, Fitch downgrade and messy NPAs. . . he has had little to cheer about
Aviation companies, led by flamboyant Vijay Mallya-promoted Kingfisher Airlines, have been witnessing stress and it has also impacted their debt servicing, with some accounts turning non-performing assets.
The world's largest airplane, the A380 is coming to Delhi and Mumbai airports on May 7 and May 9.
The reasons for non-payment remain unknown. GHIAL spokesperson, Arun Bhagat, refused to comment.
