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).
An analysis of shareholding patterns of three-listed airlines showed that foreign institutional investors have reduced their stakes in Kingfisher and SpiceJet while hiking their holdings in Jet Airways in three months ended December 2011.
As per the latest shareholding pattern filed by Kingfisher with the stock exchanges on Wednesday, ICICI Bank held about 1.67 crore (16.7 million) shares, accounting for a 2.9 per cent stake, in the airline as on March 31, 2012.
The DGCA had earlier issued a show cause notice to Kingfisher in February for the suspension of its licence.
Virtually ruling out closure of debt-laden Kingfisher Airlines (KFA), Civil Aviation Minister Ajit Singh on Thursday said promoter Vijay Mallya will have to take call on shutting down the business.
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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.
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Barely a fortnight after the freeze on its bank accounts was lifted, the airline filed an appeal against the department in the Income Tax Appellate Tribunal at Bangalore, disputing the Rs 370-crore (Rs 3.7 billion) tax demand levied on it for 2010-13.
The meeting, held in Mumbai at the State Bank of India headquarters, was attended by most of the lenders and the airlines' chief executive officer Sanjay Aggarwal and chief Financial officer H G Raghunath.
Barely a fortnight after it launched international operations and integrated low-cost carrier Simplify Deccan with it, Vijay Mallya-promoted Kingfisher Airlines plans to lay off at least 300 employees, official orders for which are to be conveyed on Monday.
Low-cost carrier Simplify Deccan will be rebranded Kingfisher Red, a separate brand identity from Vijay Mallya-promoted full-service carrier Kingfisher Airlines.
Succumbing to government pressure, Vijay Mallya-promoted Kingfisher Airlines on Monday decided to cut fares, but with the condition that the government put aviation turbine fuel in the declared goods category. Kingfisher has also assured that it would not resort to retrenchments to deal with the downturn.
The investigating agency is examining the documents.
In a major clampdown for non-compliance of Listing Agreement, top exchanges BSE and NSE announced suspension of trading in shares of Kingfisher Airlines and another group firm, UB Engineering, from next month.
Cars, towing machines, forklifts, tractors, fire extinguishers, and iron ladders will be e-auctioned.
Vijay Mallya-promoted Kingfisher Airlines today said it had slashed salaries of its trainee pilots 'significantly'.
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Shares of Kingfisher Airlines fell for the seventh day in a row today plunging by nearly 5 per cent to hit the lower circuit limit on bourses.
The CBI has shared its findings with the Enforcement Directorate.
Thackeray welcomed Bajaj Auto chairman Rahul Bajaj's comments against the proposed bailout of debt-ridden Kingfisher by the government.
Kingfisher, grounded since October 1 and whose flying licence expired last December, has not paid to most of its staff since last June.
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.
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.
Kingfisher lenders will soon decide on future course of action with regard to the grounded airline as they do not want the company to close down, State Bank of India (SBI) said.
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.
'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 company hiked its loan limit to the debt stricken carrier to Rs 750 cr from Rs 300 cr.
After strong statements to the contrary, UB Group chairman Vijay Mallya on Tuesday said that he was considering the merger of Kingfisher Airlines with budget carrier Simplifly Deccan (earlier Air Deccan), in which the former bought a 26 per cent stake in June. Mallya said Kingfisher had asked consulting firm Accenture to study the integration of the two airlines, including the possibility of a merger.
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Air Deccan, which was forced to sell 26 per cent to Kingfisher Airlines chairman Vijay Mallya's UB Holdings to keep its head above water a few months ago, is likely to break even before Kingfisher.
Earlier this year, Kingfisher Airlines had acquired 26 per cent stake in low-cost carrier Deccan Aviation for Rs 550 crore (Rs 5.5 billion). The company also made an open offer for another 20 per cent stake in Deccan Aviation. The open offer was oversubscribed. It received bids for 35 million equity shares against the issue size of 27 million shares.
Airline employees have been asked not to attend office.
The engineers of Kingfisher went on a strike on Sunday to protest the non-payment of salaries since March.
Grounded carrier Kingfisher Airlines on Wednesday said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.
Shortage of commanders may be forcing Kingfisher Airlines asking its pilots to fly more but the airline says despite some cockpit crew leaving the organisation, it still has the "adequate number".
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 chief executive officer Sanjay Agarwal met Director General of Civil Aviation Arun Mishra in New Delhi for 45 minutes to apprise him of the prevailing scenario facing the airline, but sources said he gave no information about any commitment by the airline's parent company, UB Group, on financing the revival plan.
The other two companies were Spanco Limited (Rs 37 crore or Rs 370 million) and Arch Pharma (Rs 56 crore or Rs 560 million).
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