The sooner the airlines get their act together, the better.
Wilful defaulters will not be allowed to take up board positions in any company.
Faced with a 10 to 15 per cent fall in passenger traffic, business class travel is coming down to earth. For the first time, Jet Airways and Paramount are introducing apex (advance purchase) fares and Kingfisher and state-owned Air India are offering free travel for spouses to boost bookings for this premium service.
Mallya will now be the Founder Emeritus of USL
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
The 225-seater plane was later converted to 25-seater plane by Vijay Mallya for his personal use.
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.
'The airline business is very dynamic. If you are unable to keep up and lead, you end up last.' 'This is what has happened to Jet.'
These companies have survived bankruptcies.
Banks do extensive investigation before declaring an account fraud; they owe it to us as they deal with our money. Why would they try to fix an innocent borrower? asks Tamal Bandyopadhyay.
'I am indirectly related to VG Siddhartha. Excellent human and brilliant entrepreneur. I am devastated with the contents of his letter,' Mallya said on Twitter.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
UB Group Chairman Vijay Mallya's grip on United Breweries slipped further on Thursday, after lenders to UB Group companies offloaded a part of the stake in Kingfisher beer that was pledged to them.
One reason is that airlines have ramped up capacity and expanded their presence in tier-II markets. The first of a three-part series analyses how the aviation industry is an outlier in the midst of an overall economic slowdown.
That such a deal can be greeted with celebration in the camps of both buyer and seller speaks volumes about the airline and its recent history, explains T N Ninan.
Say their aggregate borrowings were "well within the norms"
Recently, United Bank of India declared Kingfisher Airlines as well as some three of its directors as wilful defaulters.
CJI Lalit concurred with the minority view of Justice S Ravindra Bhat who held the EWS quota as "unconstitutional" for excluding poor among SCs, STs and OBCs.
Newly launched Vistara has a passenger load factor of 55% in the busy Delhi-Mumbai sector, compared with 80-85% in other airlines.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
The UK Crown Prosecution Service said Mallya's appeal to certify a point of law was rejected on all three counts, of hearing oral submissions, grant a certificate on the questions as drafted, and grant permission to appeal to the Supreme Court.
They said creditors would be paid in full and all 405 jobs at the Silverstone-based team, that was co-owned by embattled Indian businessman Vijay Mallya and finished fourth last year, were safe.
Force India, who finished sixth overall last year but whose owners have had financial troubles, missed the first test in Jerez.
In all, 4.2 million shares were sold during the quarter.
The Supreme Court on Thursday gave a final opportunity to fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, to appear before it personally or through his lawyer in a contempt case where he has been found guilty. The top court said it has given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its last order dated November 30, 2021. A bench of justices U U Lalit, S Ravindra Bhat and P S Narasimha posted the contempt case for further hearing after two weeks, saying that respondent contemnor (Mallya) is at liberty to act as per direction given in order dated November 30 last year, failing which the matter shall be taken to its "logical conclusion".
An extradition expert in the UK said the strict social distancing norms in place to try and curb the spread of COVID-19 may add a further dimension to the UK's Article 3 obligations under the European Convention on Human Rights, relating to inhuman and degrading treatment or punishment.
Modi is subject to two sets of criminal proceedings, the first brought by the CBI relating to a large-scale fraud said to have been committed upon PNB and the ED case, relating to the laundering of the proceeds of that fraud.
The Indian businessman, who has a 42.5 percent stake, said there was a possibility of main sponsor BWT getting more involved and changing the team's name.
United Spirits had a tough time in recent past due to management related issues. Going ahead, corporate governance is a big challenge, say experts.
RBI and Sebi are close to reaching an agreement for providing waiver of existing norms to banks.
Five photos of western style toilets were presented to convince the court that acceptable standards would be extended to Mallya.
Jaypee, Essar, GMR, GVK, Lanco, Abhijeet groups debt rise despite falling cash flow, says UBS
Though the Mumbai and Delhi airports still rule the domestic aviation market, the share of the two in overall traffic is falling. In 2006-07, the two airports collectively handled 40.6 per cent of all domestic passengers; in 2012-13, their share fell to 37 per cent.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
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.
Vistara is trying to be leaner and meaner, while staying focused on the original brand promise; it aims to be profitable by FY21. Arindam Majumder reports.
Vistara has poor load factors currently, it needs to bring down fares a bit to improve flight occupancy.
Force India co-owner Vijay Mallya has steered his Formula One team through a decade of growth and is looking forward to another, although the 'India' moniker looks destined to be dropped.
The study claims that from its peak of 18 per cent of gross domestic product in 2008, the crony capitalists' wealth is now down to three per cent
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