Hyderabad-based Turbo Megha Airways takes off, promising affordable fares and other benefits.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
The civil aviation ministry appears supportive of SpiceJet because it does not want another airline to fail. The real test now will be the capacity of the airline's chairman, Kalanithi Maran, to raise funds. And he needs to do this quickly.
A direction by Chief Justice of India S A Bobde, Justice B R Gavai, and Justice Surya Kant to the Karnataka high court asked the latter to expeditiously settle the matter of assets deposited before it by Mallya for liquidation, and thereby payment to creditors 'preferably not later than three months'. It will be interesting to see the view of the London high court, if the settlement of his dues to Indian creditors is imminent, reports Ashis Ray.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
Mallya's Rajya Sabha declaration lists investments in racing, finance and investment firms.
According to the Directorate General of Civil Aviation's recent announcements, most airlines except Deccan, SpiceJet and Jetlite had claimed that they had adequate CAT III-compliant pilots. While Jet claimed it had more than 50 CAT III-compliant pilots, the airline could make no landing under CAT III conditions today.
For his 60th birthday in December, which he called his third 20th birthday, Mallya flew in Enrique Iglesias to perform at his villa overlooking the beach in Goa.
We have cleared all dues to our employees, says Ajay Singh
A look at the Kalanithi Maran-controlled airline's place in the domestic aviation sector
A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount. The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US.
A spokesperson in the UK high commission said the issue is "confidential" and added: "We cannot estimate how long this issue will take to resolve." "Vijay Mallya last month lost his appeal against extradition, and was refused leave to appeal further to the UK Supreme Court. However, there is a further legal issue that needs resolving before Mr Mallya's extradition can be arranged," the spokesperson said.
We tried our best to recover money from Vijay Mallya: Arundhati Bhattacharya
Want last year's bonus? Sell our tickets: Jet Airways tells travel agents.
The Bad Boy Billionaires series has a lot in common: The three billionaires' hefty ambition, dangerous arrogance and untrammeled power, observes Dhruv Munjal.
Terming SpiceJet's offer of rupee one fare across its domestic network as "predatory" and a "malpractice", aviation regulator DGCA on Tuesday came down heavily on the no-frill carrier and asked it to stop such pricing immediately.
Liquor baron Vijay Mallya's passport has been suspended.
The leave to appeal to the Supreme Court is on a point of law of general public importance, which according to experts is a very high threshold that is not often met.
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.
United Spirits had earlier forked out a loan of as much as Rs 1,350 crore to UB Holdings.
The Centre on Monday told the Supreme Court that it is taking all measures to extradite fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines from United Kingdom, but the process is being delayed due o some legal issues involved in the matter. A bench of Justices U U Lalit and Ashok Bhushan posted the matter for further hearing on March 15, after Solicitor General Tushar Mehta sought some time to file report on the status of extradition of Mallya. At the outset, Mehta shared a letter of the ministry of external affairs' official Devesh Uttam written to him on the status of extradition of Mallya from the United Kingdom.
A mix of financial and strategic mistakes combined with poor expectations of the management are the reasons for the downfall of Indian airlines. For Jet, the deathly potion was even more toxic on account of the bitter squabbles between promoter Naresh Goyal and strategic partner Etihad Airways.
.jpg)
Officials in India's civil aviation ministry are now expected to meet SpiceJet stakeholders within a couple of days to discuss the revival plan
The Supreme Court on Monday dismissed a plea of fugitive businessman Vijay Mallya seeking review of its 2017 order holding him guilty of contempt of court for transferring USD 40 million to his children.
The Supreme Court is likely to pronounce on Monday the quantum of sentence against fugitive businessman Vijay Mallya, an accused in the 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 Chief Justice Uday Umesh Lalit and Justice S Ravindra Bhat on March 10 had reserved its order on the punishment in the contempt case against Mallya, saying the proceedings against him have hit a "dead wall". The top court had heard senior advocate and amicus curiae Jaideep Gupta on various aspects related to the contempt law and the punishment, and had granted one last opportunity to lawyer Ankur Saigal, counsel for Mallya, to file his written submissions on the sentencing aspect.
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
The 25-seater aircraft is interspersed with plush sofas, a cushioned bed, bars, showers and a bathrobe
The year gone by saw the high and mighty of the corporate world face the music in the Delhi High Court which held that the telecom majors are amenable to CAG audit and Mukesh Ambani's RIL struggling hard to get rid of an FIR lodged on gas pricing by the 49-day-old AAP regime.
Mallya, who was scheduled to appear on April 2, had asked for a month's time; if he fails to appear on April 9, agency will seek a non-bailable warrant
.jpg)
Justice Ram Mohan Reddy asked Mallya to appear in court and bring along his passport.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
The company secured independent valuation for these properties and had shared the same with Mallya
The 16-hour flight will be the first direct one from India to the US west coast.
The company has finalised a three year business plan to increase revenue and control costs.
Mexican Formula One driver Sergio Perez described his Force India team's financial situation as 'critical' on Thursday, and recognised that his own future remained uncertain.
Mallya is understood to be in the UK after he left India on March 2.
India's five leading wilful defaulters are Winsome Diamonds & Jewellery Ltd and associate Forever Precious Jewellery & Diamonds, Zoom Developers, Kingfisher Airlines, Beta Naphthol and Raza Textiles
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances