Vijay Mallya's Kingfisher Airlines loses court battle in UK against BOC Aviation, to pay $90m in claims
Embattled liquor tycoon Vijay Mallya has lost another legal battle linked to his now-defunct Kingfisher Airlines after the UK High Court awarded Singapore-based BOC Aviation an estimated $90 million in claims
Mallya owns a 52.34 percent in United Breweries Holdings Limited.
In its annual report, United Breweries Ltd (UBL) has disclosed sitting fees totalling Rs 2.9 lakh and commissions worth Rs 2.83 crore to Mallya,
Kingfisher Airlines is proving to be a millstone around Vijay Mallya's neck.<br /><br />
Shares of Kingfisher Airlines today again surged 10 percent for a third consecutive day after UB Group chairman Vijay Mallya reiterated that he is hopeful of reviving grounded Kingfisher Airlines (KFA), as talks are on with an investor keen on the debt-ridden carrier.<br /><br />
With cash-starved private carrier Kingfisher Airlines defaulting on lease rentals of around Rs 1,000 crore, the lessors have taken back 34 aircraft
More engineers are in the process of quitting the airline due to non-payment of salaries by the near-bankrupt carrier
HPCL had a few months back put Kingfisher on cash-and-carry requiring the the Vijay Mallya-run airline to make daily payments before fresh aviation turbine fuel (ATF) supplies are made.
Action for recovering has been undertaken and a total of Rs 103.03 crore has already been recovered. Penalty and prosecution proceedings under the Income-tax Act have also been initiated,
Fed up with the non-payment of airport dues by ailing Kingfisher and frequent instances of the airline's cheques bouncing, AAI has served a legal notice to the airline in Mumbai.
Is Kingfisher Airlines really in trouble? Or is it ensuring that its woes get played up by the media well enough to force the government to ease FDI rules , which is exactly what Vijay Mallya wants?
He further said on the whole, aviation companies needed equity and fresh equity would improve their finances.
The restructuring exercise is aimed at trimming costs and is likely to be implemented from 1 April and Kingfisher Airlines is expected to operate 85 percent less aircraft this summer as compared to last year.
In his typical style, Mallya's message to the Indian consumer was unforgettable. He had wanted to make Kingfisher the best in the world by 'delighting you'. But do Indians truly care about delight?<br /><br />
Kingfisher Airlines failed to stick to its agreed recovery plan, the head of regulator Directorate General of Civil Aviation said on Wednesday, adding the current situation at the debt-laden carrier cannot be allowed to continue for long.