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.
Satyam Computer, Pyra-mid Saimira, KS Oils and Kingfisher Airlines are among those companies whose shares have fallen like eggs on the floor.
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."
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
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.
Finance Minister Arun Jaitley on Wednesday said it was responsibility of banks to ensure no defaulter manages to get away.
Must satisfy shareholders on game plan to steer UB Group over next 12 months.
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".
Mallya recently acquired 26 percent stake in the country's largest budget airline, Air Deccan.
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.
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.
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.
Mallya now has 14 days from February 4 to apply for leave to appeal to the UK high court.
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.
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 former liquor baron owes several banks a total of as much as Rs 9,000 crore
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 high court verdict in April upheld the 2018 ruling by Chief Magistrate Emma Arbuthnot at the end of a year-long extradition trial that the former Kingfisher Airlines boss had a "case to answer" in the Indian courts.
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 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
Global aviation industry would improve its profit from $6.7 billion to an estimated $8.4 billion thanks to the two countries.
Worst quarter in a decade, fund crunch, Fitch downgrade and messy NPAs. . . he has had little to cheer about
The office of former prime minister Manmohan Singh may have taken a special interest to try and keep afloat Vijay Mallya's ailing Kingfisher Airlines against the run of play, e-mails and letters claiming this and accessed by CNN-News18 indicate.
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