Banks are direct stakeholders and are dealing with commercial matters of the airline where the ministry would not like to intervene: Prabhu
Kingfisher Airlines will operate international flights between Bangalore and San Francisco, Bangalore-New York and Mumbai-London flights from August this year.
A communication goof-up between Vijay Mallya-promoted Kingfisher Airlines and its banker saw a cheque of Rs 12,975 bounce, much to the embarrassment of the country's largest private carrier, which promptly arranged a bank draft for the recipient.
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.
Vijay Mallya-promoted Kingfisher Airlines, which recently got approval to fly on nine international routes, today said it will start direct daily flights from Mumbai to London from January 5, 2009.
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.
Jet Airways and Kingfisher Airlines said they found it unnecessary to shell out an extra Rs 10 crore for the new terminal, especially since they would have to shift to the new integrated terminal -- T3 -- in less than a year. T3, when it begins functioning in March 2010, will be an integrated terminal for all operators. Kingfisher, Kingfisher Red and IndiGo have already started operations from the new T1D terminal, while Jet Airways, JetLite and SpiceJet are yet to shift.
The Vijay Mallya-promoted private airline also reported a decline in its income from operations at Rs 1,352.45 crore (Rs 13.52 billion) for the December quarter, from Rs 1,447.83 crore (Rs 14.47 billion) in the same period previous fiscal.
Kingfisher Airlines is likely to commence international operations from August. It will initially start its operations to destinations like San Francisco, London, New York from the Bangalore Airport. Some more destinations will be added later, according to Siva Ramachandran, vice-president (global sales), Kingfisher Airlines.
Kingfisher Airlines on Thursday said its vice-chairman G R Gopinath has reduced his stake in the air carrier to 1.75 per cent after selling shares worth Rs 4.03 crore (Rs 40.3 million).
Close on the heels of about a dozen pilots quitting Kingfisher Airlines, 12 more have put in their papers at the Vijay Mallya-owned air carrier.
Union Minister and Rashtriya Janata Dal parliamentarian Akhilesh Prasad Singh allegedly beat up the station manager of Kingfisher Airlines at Patna Airport on Monday after he was not allowed to board Patna-Kolkata flight as he reported late at the airport.
Vijay Mallya-promoted Kingfisher Airlines today said it had slashed salaries of its trainee pilots 'significantly'.
The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.
Vijay Mallya-owned Kingfisher Airlines owes state-run oil companies over Rs 950 crore (Rs 9.50 billion0 in unpaid fuel bills while financial crisis-hit NACIL has cleared almost two-thirds of its outstanding.
Jet Airways, Kingfisher Airlines and state-owned NACIL owe public sector oil companies over Rs 2,241 crore (Rs 22.41 billion) as payment for jet fuel, Minister of State for Petroleum and Natural Gas Dinsha Patel said on Tuesday.
Industry sources said the carrier owed over Rs 620 crore to BPCL and HPCL, besides Rs 160 crore to IOC. However, Kingfisher Airlines is not the only company with oil dues. Kingfisher Airlines, Jet Airways and state-owned Air India started this financial year with accumulated dues of Rs 4,000 crore to oil companies and airports, sources said. The three airlines are collectively projected to incur operating losses of Rs 5,000 crore, industry estimates suggest.
Two months before its maiden overseas flight was to take off, billionaire Vijay Mallya's Kingfisher Airlines has decided to rethink its whole strategy of flying abroad. "Due to the increase in crude oil prices and no signs of stability in the market, we are re-evaluating all our plans for international operations, keeping in mind costs and route network," Kingfisher Airlines executive vice-president Hitesh Patel said in reply to a questionnaire.
This is the third time that the carrier is trimming its workforce. In 2007, the carrier cut staff by1,200 after it took over Air Sahara. In August this year, JetLite offered over 700 employees a voluntary separation scheme. This is the first time that the axe is falling on Jet Airways employees directly.
Kingfisher Airlines is launching its flight operations in Jammu from November 25 while GoAir has announced doubling its flight operations, also by the end of this month. Initially, it will operate seven flights a week. The company has appointed staff and raised infrastructure for the operation of its offices in Jammu. Kingfisher has been operating in Srinagar for more than a year.
Kingfisher and Deccan swap of shares will be finalised by April, upon Sebi's approval.
Vijay Mallya owes several banks thousands of crores of rupees which he had taken as loans for his businesses including the now defunct Kingfisher Airlines.
Airfares may be in for an upswing. Thanks to Vijay Mallya-promoted Kingfisher Airlines acquiring 26 per cent stake in country's largest and first budget carrier Air Deccan.
Kingfisher Airlines chairman Vijay Mallya on Tuesday said budget carrier Air Deccan has applied for permission to fly overseas from next year. "Air Deccan has sought government approval to fly overseas from next year. The company is looking for a licence to start flights to Middle East, South East Asia and the US," he said on the sidelines of the Fortune Global Forum in New Delhi.
Vijay Mallya-promoted Kingfisher Airlines plans to launch more flights on new routes in its summer schedule, beginning March besides introducing services connecting Tier-II cities in the western and southern regions.
Kingfisher Airlines on Monday announced the launch of its service between Mumbai and Mangalore.\n\n
He claims that his offer to pay back the debt owed by his now-defunct airline had been rebuffed by the banks and the Indian government.
State-run IDBI Bank is one of Kingfisher's more than a dozen creditor banks.
Liquor baron Vijay Mallya-promoted Kingfisher Airlines has become the first private airline in the country to get Category III certification from the Directorate General of Civil Aviation.
The university will house a fully equipped pilot training centre.
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.
The investigating agency is examining the documents.
In March this year, the banks tried to sell the Kingfisher House in Mumbai to recover a part of their dues.
Government has been planning to relax the norm to three years through a revised aviation policy which is pending before a group of ministers.
Kingfisher Airlines is recruiting Trainee Co-Pilots, Guest Service Agents and Guest Relations Executive (female).
Probe agency to set up special software to probe money trail in the case.
Supreme Court judge Justice Rohinton Fali Nariman on Monday recused himself from hearing liquor baron Vijay Mallya's petition against the confiscation of his properties by the Enforcement Directorate.
