Merged entity to be named Kingfisher Airlines.
ED is probing Mallya and KFA under anti-money laundering laws in connection with a Rs 900 crore (Rs 9 billion) loan default of IDBI bank
Kingfisher Airlines said it has entered into a code sharing and frequent flyer agreement with American Airlines, which will be effective from 2011. "The code share on Americans flight to Chicago will mark the first time ever that Kingfisher Airlines will place its code on any flight operating into the United States," executive vice president-commercial, Kingfisher Airlines Manoj Chacko said.
Businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law, the Enforcement Directorate said on Friday. It said the action was undertaken by French authorities "on the request of the Enforcement Directorate" and the property bears the address: 32 Avenue FOCH in France.
SpiceJet in a statement said that there is no default in payment to AAI since January this year.
Goa's second airport began operations last week and if all goes according to plans, the state will be the base for a new regional airline, Fly91. Promoted by the ex-executive vice-president of now grounded Kingfisher Airlines, Manoj Chacko, and Fairfax India's former head, Harsha Raghavan, the airline will offer no-frills buy on board product and serve unconnected routes with two ATR 72 aircraft. An application for the initial no-objection clearance was filed with the civil aviation ministry last week.
It had issued warrants directing the police to produce Mallya before it.
A Kingfisher Airlines ATR aircraft, with 42 passengers and four crew members on board, overshot the runway after it landed at Mumbai airport on Tuesday. All the passengers are safe and have been evacuated from the aircraft, a Kingfisher Airlines spokesperson said. "Kingfisher Airlines flight 4142 from Bhavnagar (Gujarat) left (overshot) the runway after landing," a Mumbai International Airport Limited spokesperson said. Both the pilots of the aircraft have been taken off duty
SBI has the highest exposure of Rs 1,600 crore to the beleaguered Kingfisher Airlines.
The final list of bidders would be finalised only after the interested firms pay the earnest money deposit on June 30.
United Bank of India has already declared Kingfisher a wilful defaulter while State Bank of India, Punjab National Bank and IDBI have initiated such a move.
Grounded carrier Kingfisher Airlines on Wednesday said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.
Lenders to Kingfisher Airlines, led by State Bank of India, had moved courts to get residual rights over these shares after Srei recovered the collateral from the defunct Kingfisher Airlines, making it difficult for Srei to sell the shares, said a legal source.
Kingfisher Airlines has defaulted on loans of over Rs 9,400 crore obtained from various banks.
Mallya is at present based in London and extradition proceedings are on to bring him to India as the ED and the CBI are probing parallel criminal cases against him for an alleged bank loan default of Rs 9,000 crore.
The 14 banks, led by State Bank of India, which lent Rs 6,500 crore (Rs 65 billion) to the airline, are now involved in litigation over the money, as Mallya has sued them in multiple courts.
The Deccan brand, once synonymous with lost cost flying in India, will cease to exist after its merger with the Vijay Mallya promoted Kingfisher Airlines, which will takeoff for international destinations by August. "Deccan will cease to exist because after the merger there will be only one company and that will be Kingfisher Airlines," UB Group chief and Kingfisher Airlines Chairman Vijay Mallya told reporters in Baramati.
Frustrated over not getting salary for last 10 months, Kingfisher Airlines employees on Wednesday asked the government to prosecute promoter Vijay Mallya and threatened to disrupt IPL matches.
Aviation consultancy CAPA on Thursday said allowing domestic airlines to take advance bookings from April 15 is "unfair" to consumers since a decision on lifting the nationwide lockdown is yet to be taken. During the lockdown period only special flights approved by aviation regulator Directorate General of Civil Aviation, medical evacuation flights and those carrying cargo, including medical equipment, to and from different parts of the country are operational.
On Monday, the ministry withdrew foreign traffic rights it had granted to Kingfisher Airlines.
Airline employees have been asked not to attend office.
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.
Kingfisher, grounded since October 1 and whose flying licence expired last December, has not paid to most of its staff since last June.
RTI activist Anil Galgali had asked SBI about the total amount of loans given to the beleaguered businessman.
A case has been filed against the airline in Nampally criminal courts in Hyderabad.
According to a survey, Indigo is presently the favourite domestic airlines of travellers. It replaced Kingfisher, which won twice in the past.
According to sources, Kingfisher Airlines has started disbursing salaries to some of its employees apart from approaching the aviation regulator seeking licence renewal.
Ailing Kingfisher Airlines will have to satisfy aviation regulator DGCA about safe flight operations and also make sure that its employees are not disgruntled before it resumes its services, Civil AviationMinister Ajit Singh said.
The employees of the grounded Kingfisher Airlines, who have not been paid for eight months now, on Wednesday threatened to file a winding up petition in the court under the Company's Act, if the management did not share its revival plan with them.
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The company had reported a net loss of Rs 650.78 crore (Rs 6.5 billion) in the same period a year-ago, Kingfisher Airlines said in a filing to the Bombay Stock Exchange.
Under DGCA norms, aircraft can't take off unless its worthiness is certified by airline engineers after safety check-ups
Despite a bleak operating environment, Jet Airways and SpiceJet have flown into the black. The turnaround may have more to do with their embattled rivals than anything else.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
Marking an entry into the high-profile Formula 1 circuit, liquor baron Vijay Mallya-promoted Kingfisher Airlines has inked a multi-year partnership deal with Toyota Motorsport
This partnership also marks for the first time ever that an Indian airline has partnered on this scale with anyone in the F1 circuit worldwide.
The foreign institutional investors have more than doubled their holding to 2.46 per cent stake in Vijay Mallya-led UB group's Kingfisher Airlines, while small individual shareholders hiked their holding significantly to 17.59 per cent during the quarter ended September 30.
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
The airline expressed the hope that it would be able to resume operations, after DGCA approves its resumption plan, from November 6.
State Bank of India and Kingfisher Airlines on Monday launched a e-ticketing initiative for air travellers.
The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband. The wife of an employee of crisis-ridden Kingfisher Airlines on Thursday allegedly committed suicide, apparently depressed over financial stress due to non-payment of salary to her husband.
