Kingfisher Airlines has launched a Chill Times Offer for its loyal customers.
Its lenders, who hold around 23 per cent of the debt-laden airline, have asked the promoters to bring in equity before they lend more.
Facing serious financial turbulence, Kingfisher Airlines has sought government help for a bailout even as it continued its flight curtailment spree for the fifth consecutive day on Friday and its stocks plummeted by over 19 per cent to an all-time low but recovered slightly later.
Kingfisher Airlines on Thursday said it has signed a comprehensive frequent flier agreement with American Airlines.
Kingfisher Airlines announced the launch of its non-stop service between Bangalore and Goa.
Banks who had lend to Kingfisher Air are finding it difficult to recover dues.
Sources said Mallya has also been asked to furnish documents related to his personal finances
While Air India owes Rs 450 crore (Rs 4.5 billion), beleaguered Kingfisher Airlines has unpaid dues of Rs 75 crore (Rs 750 million) and both carriers have been put on the cash-and-carry mode of payment.
Cash-strapped Kingfisher Airlines owed over Rs 5,600 crore (Rs 56 billion) to public sector banks as on February this year.
In a written reply to the Rajya Sabha, Civil Aviation Minister Vayalar Ravi said Vijay Mallya-promoted Kingfisher Airlines along with Paramount Airways did not settle dues on a regular fortnightly basis.
Kingfisher Airlines will have to pay Rs 60 lakh daily for operating flights.
The matter relates to cheques issued by Kingfisher to GMR Hyderabad International Airport.
Battling financial crisis, Kingfisher Airlines Chairman Vijay Mallya on Tuesday said he has not asked for a bailout from the government but wants the lenders to help with Rs 700-800 crore (Rs 7-8 billion) working capital as short-term need and interest concessions.
Amid the debate over bailout for private carrier Kingfisher Airlines, SpiceJet chief Neil Mills on Monday said the government should not use taxpayers' money to revive a private sector company.
According to sources, the airline has requested the consortium for a working capital support of Rs 200-300 crore (Rs 2-3 billion) and individual banks are expected to take a call on this in the next few days.
Mahendra Singh Dhoni's side were crowned the World Cup winners after beating Sri Lanka by six wickets in the final at the Wankhede Stadium here on Saturday to become only the second Indian squad to win cricket's showpiece event after Kapil Dev's 1983 outfit.
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.
The judge said the assets of the respondent company cannot be left under the control of UBHL and could be handed over to official liquidator to achieve the winding up process s per the law.
Debt-ridden Kingfisher Airlines today reported that its net loss doubled to Rs 468.66 crore (Rs 4.68 billion) in the quarter ended September 30, 2011, as higher fuel prices depressed operating margins.
In conformity with civil aviation regulator DGCA's guidelines on reducing flight delay, private carrier Kingfisher Airlines will close its check-in counters for domestic flights 40 minutes prior to departure.
A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
Liquor baron Vijay Mallya's Kingfisher Airlines will commence operations during the first quarter of 2005.
The consortium led by SBI has also initiated the process of recovery.
Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
With this, India joins 60 other countries that collect PNR details of international passengers.
Vijay Mallya-owned private air-carrier, Kingfisher Airlines is in talks with a top former executive of the budget airline, SpiceJet to take him onboard and a final decision on the issue is expected shotly, sources said.
A UK Judge on Friday stated that the ruling in fugitive diamond dealer Nirav Modi extradition case will be made on February 25. The extradition trial of Nirav Modi has concluded today at Westminster Magistrates' court in London. District judge Samuel Goozee confirmed the timeline. Nirav Modi, who is wanted in India for allegedly defrauding Punjab National Bank (PNB) of an estimated $2 billion, was re-remanded on December 1 by a judge at Westminster Magistrate Court in London.
Kingfisher Airlines has increased the salary of a section of its pilots, fearing an exodus to rival carriers. Airlines including SpiceJet and IndiGo are in an expansion mode and will be adding 29 planes this financial year, opening new job avenues for pilots.
The Competition Commission of India (CCI) on Tuesday said that the proposed additional stake buy in United Breweries (UB) by Dutch major Heineken does not raise any competition concerns, effectively clearing the deal. In its order, the CCI said, "It is submitted that the proposed transaction does not give rise to competition concerns regardless of delineation of the relevant market for the purpose of this filing." UB is the country's largest beer company, while Heineken is the world's second-largest brewer after Anheuser-Busch (AB) InBev.
HPCL is Kingfisher Airline's largest aviation turbine fuel supplier.
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.
Grounded Kingfisher Airlines has written to UCO Bank wanting to know the basis of attaching the 'wilful defaulter' tag on the carrier.
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.
'Everyone knows that you including your son won't be able to spend all the wealth that you have earned then why not at least pay the salaries of your employees,' the letter said.
The ED has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint
The vertical separation between Air India flight IC-941 from Hyderabad to Delhi and Kingfisher Airlines' Delhi-to-Bhubaneshwar flight IT-3345 came down to 700 feet as against the required 1,000 feet when they were manoeuvring over Delhi airspace.
Passengers on-board a Kingfisher Airlines Mumbai-bound flight had tense moments on Monday after the pilot pressed a hijack alarm by mistake.
Kingfisher Airlines had moved the Supreme Court against a probe into its two-year-old strategic alliance with Jet Airways.
Liquor baron Vijay Mallya on Wednesday met Oil Secretary S Sundareshan to discuss defaults by his group firm Kingfisher Airlines on payment of jet fuel bills, but did not say when he will clear the outstanding of Rs 176 crore (Rs 1.76 bilion).
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