Kingfisher Airlines, struggling to stay afloat, may spin off its ATR fleet and loyalty programme (frequent flier programme) into separate units.
Sebi's order comes close on the heels of Central Bureau of Investigation naming Mallya, Kingfisher Airlines and nine others, in the charge sheet related to the 2015 loan default case.
Federation of Indian Airlines has appealed to DGCA to extend notice period of flyers from 6 months to a year
ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA).
UK's Cairn Energy Plc plans to bring lawsuits in the US and other countries to pierce the corporate veil between the Indian government and its owned companies such as in oil and gas, shipping, airline and banking sectors, to seize their overseas assets to recover $1.2 billion ordered by an international arbitration tribunal. The firm has moved courts in the US, UK, Canada, France, Singapore, the Netherlands and three other countries to register the December 2020 arbitration tribunal ruling that overturned the Indian government's Rs 10,247 crore demand in back taxes and ordered New Delhi to return $1.2 billion in value of shares it had sold, dividends seized and tax refunds withheld to recover the tax demand. With the government so far refusing to honour the arbitration award and instead choosing to challenge it, Cairn is looking to enforce it by seizing overseas Indian assets, Dennis Hranitzky, head of the sovereign litigation practice at Quinn Emanuel Urquhart & Sullivan, a law firm representing the company, told PTI.
"The return fare on economy class to most European capitals from Mumbai are close to 50,000 plus. If an LCC can offer direct connectivity for a basic fare of 25,000 with additional top ups for meals, baggage and blankets, which further takes the fare to, say, 35,000, it is still a value deal."
Liquor tycoon Vijay Mallya on Friday made an urgent application before the UK High Court seeking access to millions of pounds to cover his living expenses and legal fees from funds held with the Court Funds Office as part of bankruptcy proceedings, initiated by a consortium of Indian banks led by the State Bank of India. Deputy Insolvency and Companies Court Judge Robert Schaffer declined to allow a draw down from the court-held funds of an estimated amount of around 1.5 million pounds, accrued from the sale of Mallya's French luxury property Le Grand Jardin earlier this year, until further arguments in the case. However, he did allow the release of 240,000 pounds plus VAT to cover the legal costs of a substantive hearing in the bankruptcy proceedings scheduled for next Friday.
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
Air India's website, which went down two days ago after the airline offered a special fare of Rs 100, was apparently blocked by a few sites in India and abroad for a considerable time.
Confirming the sale, senior executives of public-sector banks said there was no court directive yet to stop selling shares.
UB Holdings had appealed to the bench, of judges Dilip B Bhosale and B Manohar, to let it use Rs 13 crore (Rs 130 million) from a Rs 380-crore (Rs 3.8 billion) deposit to pay a month's salary to employees of the grounded airline and Rs 47 crore (Rs 470 million) to settle tax dues on capital gains made from the sale of a stake in United Spirits to London-based Diageo that got it Rs 1,460 crore (Rs 14.6 billion).
Al-Nahayan wants govt assurance on protection of its foray, meets Anand Sharma.
The summons was issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case.
In 2011, the Gurgaon-based airline placed an order of 180 narrow-body Airbus aircraft, including 150 fuel efficient A320neo and 30 A320s.
There will be more airlines joining the fray next year.
'I used to tell my wife to pack extra food in my tiffin so that I could at least offer that to my colleagues who were living on vada pav.'
'We flew all missions in the first part of the war at low levels; that is at 300 to 500 feet above the ground.' 'These sorties were no doubt stressful since the pilots and crew had to look out for birds and obstructions as well as enemy gunfire.'
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.
Air India's decision to buy five Boeing 787-9 is illogical.
Air India, Jet Airways and United fly to these airports from Mumbai and Delhi.
Licence suspension would be revoked only after stakeholders are convinced of the airline's revival plan, say sources.
The MoU is a separate agreement entered into with the ministry that is more broad-based.
The company has charted out a three step process in achieving the target
On Wednesday, the collector had issued an order in favour of the 17-banks consortium led by SBI to take physical possession of the villa
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
A bench of Justice Vibhu Bakhru, which later decided to hear the matter on Thursday again, also said that the ailing airlines can be allowed to be represented by a lawyer in the proceedings to be conducted by the PSU bank against it.
Air India plans to induct all these 19 aircraft between this fiscal to March 2018.
Grounding increases govt carrier's fuel cost by Rs 40 lakh daily, forces changes in schedules.
The Dhaka to Kathmandu US-Bangla Airlines flight, with 67 passengers and four crew members on board, caught fire after it careened off the runway and ploughed into a football ground near the Tribhuvan International Airport on Monday.
While most of these commanders quit the airline for better prospects, some of them also parted ways due to the work culture
Using flight search, travellers in the US, Canada, the UK, the Netherlands, Spain, France, Italy, Germany, Poland and Ireland will be able to explore and compare flights to and from any of Etihad Airways 103 destinations.
United Spirits had earlier forked out a loan of as much as Rs 1,350 crore to UB Holdings.
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
Kingfisher House is one of the prime real estates of the airline.
Reacting to former President APJ Abdul Kalam's statement that he has not received any communication from Continental Airlines, the United States-based airline on Thursday said that they want to apologise personally to him."Since he is not in Delhi, we are waiting for him to return so that we can apologise personally to Dr Kalam," the airline said.The development came shortly after Dr Kalam said that he is yet to receive an apology from the airlines, for frisking him.
Air India must tighten costs to comes out of the red or it wil perish in no time, says experts.
At a hearing before Master David Cook at the Queen's Bench Division of the court, Mallya's legal team sought a dismissal of the interim order.
With its nominees on the board, Tata Sons will have the controlling stake of 51%.
Naresh Goyal only gave an undertaking not to sell any of his 51% stake in return for raising working capital debt from PNB.
It is our only chance of avoiding a repeat of our catastrophic second wave, asserts Naushad Forbes.
