Kingfisher Airlines's has hit a rough patch again with three of its directors resigning for better prospects.
SBI Chairman Pratip Chaudhuri told reporters in New Delhi on Thursday the Kingfisher Airlines (KFA) account had turned into a non-performing asset (NPA). "The account became an NPA on December 31, 2011. They are in default," Chaudhuri said.
I-T department raises tax demand on them for unpaid tax deducted at source
Private carrier Kingfisher Airlines on Wednesday got the crucial operational permit from the civil aviation ministry, recognising it as a scheduled carrier and enabling it to launch flights from Monday next.
The other two companies were Spanco Limited (Rs 37 crore or Rs 370 million) and Arch Pharma (Rs 56 crore or Rs 560 million).
Captain Sanjay Sudan had filed the suit against Kingfisher Airlines seeking recovery of around Rs 13 lakh (Rs 1.3 million), his outstanding salary for three months from the airline.
An open letter written by women employees of KFA alleged that the company did not pay salaries
Starting with a minuscule 0.07 per cent share of the market, Kingfisher soared to 7.7 per cent after 12 months and 10.6 per cent in April this year.
Aviation regulator DGCA on Saturday suspended the flying licence of beleaguered Kingfisher Airlines for failing to come up with a viable plan for its financial and operational revival and resolve the impasse withits employees over payment of their salary dues.
Merged entity to be named Kingfisher Airlines.
Six pilots of Kingfisher Airlines, GoAir and Air India have been de-rostered by the Directorate General of Civil Aviation after they violated guidelines while landing on a short runway at Mumbai airport under rainy conditions. The DGCA also issued notices to the three airlines on the matter asking them to explain why the strict guidelines were not followed.
Losses and lack of bank funds no reason to shut company, says minister
Grounded carrier Kingfisher Airlines on Wednesday said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.
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.
Kingfisher Airlines will operate international flights between Bangalore and San Francisco, Bangalore-New York and Mumbai-London flights from August this year.
The Yeti Airlines aircraft took off from Kathmandu's Tribhuvan International Airport at 10.33 am on Sunday and crashed on the bank of the Seti River between the old airport and the new airport in Pokhara, minutes before landing, according to the Civil Aviation Authority of Nepal.
The UB group's Kingfisher Airlines, which is planning to launch operations in May, announced the signing of deals to purchase three Airbus A-319 aircraft.
Lenders of bankrupt airline Jet Airways, led by the State Bank of India (SBI), on Thursday told the Supreme Court that successful bidder Jalan Kalrock Consortium (JKC) was "unwilling" to pay the dues and that the "liquidation" was the only option left. The bench led by Chief Justice of India (CJI) DY Chandrachud was hearing the SBI-led consortium plea against the NCLAT's March order upholding ownership transfer of the bankrupt airline to JKC.
An analysis of shareholding patterns of three-listed airlines showed that foreign institutional investors have reduced their stakes in Kingfisher and SpiceJet while hiking their holdings in Jet Airways in three months ended December 2011.
According to sources, both the departments have already laid their claim on the proceeds from the sale of the property
FIIs' stake in Naresh Goyal-owned Jet Airways stood at 7.10 per cent during the three months through September, compared to 6.38 per cent during the first quarter of this financial year.
The government recently allowed the foreign carriers to have a 74 per cent stake in Indian cargo carriers. A total of 49 per cent FDI was earlier allowed in the cargo sector, but no investment by a foreign airline was permitted.
The Bengaluru police has said that the crude bomb on Kingfisher Airlines may have been planted by an employee of the airline.
The permit was suspended by DGCA on October 20.
Kingfisher Airlines Ltd's problems are set to worsen. Delhi International Airport Ltd (DIAL) has filed a cheque bouncing case against the cash-strapped airline and its top management after three cheques, with a total value of Rs 3 crore, bounced.
United Bank of India has asked Vijay Mallya and three other directors of grounded Kingfisher Airlines to appear before a panel of the bank at the head office in Kolkata on July 9.
I-T dept refuses to unfreeze a/cs; airline curtails operations; SBI, other bank stocks take a knock
Overseas investors, which have been trimming their holdings in Kingfisher Airlines in the past three quarters, have increased their stake marginally in the cash-strapped carrier during the March quarter, according to data available with bourses.
UB Group-controlled carrier to convert short-haul domestic routes with less demand for business class to all-economy configuration.
The UB Group-owned Kingfisher Airlines said on Wednesday the government had granted it traffic rights to operate on seven new international routes.
Vijay Mallya-promoted Kingfisher Airlines has taken the delivery of four Airbus A-321s in the past three weeks out of the 43 aircraft that it is buying from the European plane manufacturer.
Cash-strapped Kingfisher had the best on-time performance in the last three years and low cost airline IndiGo registered the highest passenger load factor while national carrier Air India remained the worst performer on both the parameters.
The Supreme Court on Friday rejected Kingfisher Airlines' plea against the Karnataka High Court's order directing it to deposit around Rs 185 crore with the Income Tax Department as TDS from its employees' wages.
Rumours of Prock-Schaeur's departure have been rife ever since he completed three years with the airline (which was when his contract freed him to leave the carrier without any financial implications). Wolfgang's departure will be the latest in a series of departures from Jet Airways. In the last few weeks, Kingfisher has lured away several senior executives including Murli Ramachandran, senior general manager for airport services.
Currently, Kingfisher offers international flights to just London and Colombo, Kingfisher Airlines Ltd vice-president (Global Sales) Siva Ramachandran said, adding that there is a proposal for including destinations like Singapore, Hong Kong, Bangkok, Kuala Lumpur, Dhaka, Dubai and Maldives.
Kingfisher will be permitted to fly abroad this year, following its acquisition of Air Deccan. Since Air Deccan will be eligible for the international arena this August, Kingfisher too will enjoy this right.
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