The Supreme Court on Tuesday held Vijay Mallya, promoter of the defunct Kingfisher Airlines, guilty of contempt and directed him to appear before it on July 10. Mallya has previously expressed his reluctance to come to India for fear of being made an example of over corporate defaults even though others owe banks more than he does.
Mallya was held in contempt by a two-judge bench comprising justices Adarsh Kumar Goel and UU Lalit. He had failed to make a true and faithful disclosure of all his assets as directed by the top court earlier besides having transferred a $40-million Diageo payout on the eve of the order.
Any person held guilty in a contempt case is required to appear personally to defend himself. Alternatively, Mallya could seek more time to appear through his defence team in the top court led by senior advocate CS Vaidyanathan.
Mallya moved to London in March last year as a consortium of 17 lenders led by State Bank of India sought to recover their money. The banks say they are owed a total of more than Rs 9,000 crore stemming from loans made to Kingfisher Airlines, which stopped flying in October 2012.
Mallya insists that Kingfisher's collapse was a genuine commercial failure due to soaring international oil prices. But banks and enforcement agencies allege that Mallya has siphoned off funds overseas and must return the money to them.
India has sought to extradite Mallya from the UK after he's ignored several demands to appear for questioning by investigative agencies. The businessman insists that he wants to reach an agreement on the loans, but has so far only offered conditional settlements that the banks are refusing to accept. They have instead insisted that he make a large one-time deposit to prove his bona fides.
The banks, through attorney general Mukul Rohatgi, had urged the court to ask Mallya to reveal details of his assets. Mallya had revealed the assets of his wife and three children, but these had not included the Diageo payout which he had received just before he filed his statement.
The banks then insisted that he be hauled up for contempt. Mallya argued that there was no order to show that payout while revealing his assets. In any case, he argued, the amount had since been trusts in the name of his children and could not be recovered.
The payout should not have been transferred without first repaying his debts to Indian banks as per Debt Recovery Tribunal (DRT) and Karnataka High Court orders. The attorney general had demanded that Mallya be asked to get the money back and deposit it with his debtor banks or be hauled up for contempt.
The maximum punishment for contempt is six months in jail and a fine. The court told Mallya to appear on July 10 to argue on the quantum of punishment. Mallya is unlikely to accept the order without demur, sources said, as this would prejudice his cases pending in the DRT and the high court. Mallya did not reply to a mail from ET.
The Rs 500-crore payout from Diageo had been in exchange for walking away from United Spirits besides being absolved of any "personal liability" at that time.
Since then Mallya is said to have been living in Britain, having defied several court orders to return to India. On Twitter, he has repeatedly appealed to the Supreme Court to help revive his attempt to reach a one-time settlement with Kingfisher Airlines' creditors.
"Wish the Hon'ble Supreme Court would intervene and put an end to all this (litigation) by directing banks and us to negotiate and settle. We are ready," Mallya tweeted on Friday. In April last year, the Supreme Court had directed Mallya to disclose all assets held by him and his family, after his creditors rejected an offer to repay Rs 4,000 crore to settle the debt of the grounded carrier.
Later in July last year, the consortium of lenders filed the contempt petition in the Supreme Court for not disclosing his assets as directed by the apex court. The Supreme Court directed Mallya once again in October 2016 to disclose all assets held by him and his family. Mallya had agreed to disclose a list of assets held by him to the apex court on condition that the information not be passed on to the banks.
Tourism, Travel, Hospitality, Conservation: News,Stories And Experiences From Allover The World
Showing posts with label Vijay Mallya. Show all posts
Showing posts with label Vijay Mallya. Show all posts
Thursday, 11 May 2017
INDIA: Rise,Troubles And Fall Of Kingfisher Airlines
Kingfisher Airlines was set up in 2003 but hasn't seen a single year of profit since it got listed in 2006.
Let’s take a look at how the airline put the liquor baron Vijay Mallya on the rocks.
May 9, 2005: Kingfisher Airlines’ maiden flight takes off. Alex Wilcox, CEO of Kingfisher, said the airline would not adopt the low-cost, no-frills model but chart the middle course.
June 30, 2005: Becomes the first and only Indian carrier to order the Airbus A380. Orders five A380s (cancelled subsequently), five A350-800s and five A330-200s for over $3 billion.
May 8, 2007: Vijay Mallya eyes stake in Air Deccan.
June 2, 2007: Vijay Mallya buys over the crisis-ridden no-frills Air Deccan owned by Capt Gopinath in 2007. The merged group plans to save up to Rs. 300 crore on costs with a combined fleet strength of 71 aircraft. Through a reverse merger, Kingfisher Airlines became Air Deccan and once the entire acquisition was completes with necessary approvals from the regulator SEBI in place, Mallya quickly changed the airline's name back to Kingfisher Airlines in 2008.
August 31, 2009: Kingfisher’s board approves a resolution to raise $100 million (nearly Rs 487.8 crore) by various instruments including Global Depository Receipts (GDRs). This was in addition to in addition to the decision for induction of capital for an amount not exceeding Rs 500 crore by a rights issue of equity shares taken on July 28.
November 4, 2009: Kingfisher reports a net loss of Rs 418.77 crore during the second quarter of the fiscal. Its income from operations also declines by 13.6 per cent during the quarter compared to the same period last year.
In view of the huge losses and capacity reduction, Kingfisher decides to >lay off nearly 100 pilots. The air-carrier later hiked fuel surcharges.
March 15, 2010: Despite operating losses, Kingfisher announces flight to Europe.
September 30, 2010: Kingfisher Airlines appoints Sanjay Aggarwal as CEO. Mr. Aggarwal is the former CEO of SpiceJet. Mallya also announced that staff would be pruned.
November 25, 2010: Kingfisher Airlines Board approves debt recast package. The airline’s debt stood at over Rs 6,000 crore.
September 15, 2011: The company’s auditors submit an annual report for 2010-11 which pointed out that the loss-making air carrier’s accumulated losses at the end of the financial year were more than 50 per cent of its net worth.
September 28, 2011: Vijay Mallya decides to exit low-cost business.
November 13, 2011: The airline, with a debt of around Rs 6,500 crore, looks at cutting costs and taking several steps to face the challenging times.
November 15, 2011: Kingfisher Airlines loss doubles to Rs.469 crore for the September 2011 quarter.
November 20, 2011: Vayalar Ravi says that the Centre has no plan for any package to salvage the airlines.
December 1, 2011: Mumbai International Airport Pvt. Ltd. sends a notice to the cash-strapped airlines to pay the Rs.90-crore outstanding dues.
December 9, 2011: The Service Tax Department freezes 11 accounts of Kingfisher Airlines for non-payment of Rs.70 crore.
December 14, 2011: Govt de-freezes bank accounts after part-payment of the service tax dues.
February 16, 2012: Kingfisher Airlines, reports a loss of Rs.444.26 crore at the third quarter results for 2011-12.
February 20, 2012: Kingfisher Airlines cancels several of its flights after reports of the Income-Tax Department freezing some of its accounts.
February 23, 2012: The carrier operates a truncated schedule and faced the prospect of losing a number of prime flying slots.
March 8, 2012: Another blow to Kingfisher with International Air Transport Association asking travel agents to immediately stop booking tickets on the private airline's behalf for failure in settling dues since February.
March 12, 2012: Furthertrouble, as employees protest delays in salary payment.
March 14, 2012: Vijay Amritraj resigns from Kingfisher board.
March 15, 2012: Kingfisher announces curtailing of its international operations.
March 17, 2012: Revenue dept. threatens to take Kingfisher Airlines to court over alleged service tax evasion, saying the company has not deposited taxes it collected from travellers.
March 19, 2012: Anil Kumar Ganguly, the only independent director on the board of Kingfisher Airlines, quits the company, leaving it with only three board members.
March 20, 2012: Mallya explains the airline's position to the Directorate-General of Civil Aviation (DGCA) following summons and says that it is suspending all its international operations.
March 27, 2012: Burdened by a debt of over Rs.7,000 crore, the airline suspends operations from Kolkata, Hyderabad, Patna, Lucknow, Thiruvananthapuram and Bhubaneshwar. The airline operated about 120 daily flights by this date, down from more than 400 earlier.
March 28, 2012: The airlines inducts three independent directors in its board to comply with the listing norms.
April 2, 2012: The company’s staff threaten to go on strike, demanding payment of salary dues.
April 3, 2012: The standoff ends with the protestors accepting the assurance given by Mallya.
April 9, 2012: Employees, including pilots and engineers, receive salaries after a delay of nearly four months.
May 11, 2012: Kingfisher flights cancelled after the pilots report sick to protest non-payment of salaries.
June 27, 2012: Kingfisher shares tumble over 13% following reports that 34 aircraft have been possessed due to non-payment of lease rentals.
July 5, 2012: A 15-day time was given by the company’s lenders to come up with a plan to improve its operations. The airlines had a total outstanding debt of around Rs.7,500 crore to a consortium of 17 banks led by State Bank of India (SBI).
July 14, 2012: Pilots go on strike against the non-payment of wages for almost five months.
July 18, 2012: Minister for Civil Aviation Ajit Singh rules out bailout of Kingfisher Airlines.
August 8, 2012: A section of its employees strike and 15 flights were cancelled.
August 18, 2012: A section of pilots of the near-bankrupt airlines go on >strike, second time in a month, demanding immediate payment of March salaries, leading to cancellation of seven flights from Mumbai.
September 4, 2012: Chairman Vijay Mallya gives guarantees worth Rs. 5,904 crore for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition.
September 6, 2012: A section of the company’s engineers go on strike demanding payment of salaries. The airlines’ lenders ask Mallya to spell out the airline’s revival plan by the end of the month.
September 9, 2012: Pilots from both Delhi and Mumbai threaten to strike work as part of mass agitation for immediate disbursal of salaries.
September 26, 2012: Mallya announces that the carrier was in talks with overseas airlines for investment.
September 28, 2012: Turning down a request for Rs.200-crore working loan by Kingfisher, the State Bank of India-led lenders consortium, asks SBI Capitals to chalk out a fresh revival plan for the cash-strapped airline in the next 2-3 weeks.
October 1, 2012: Unpaid staff protest in Delhi, Mumbai and other airports and almost all of Kingfisher’s flights from all stations were cancelled as engineers did not certify the planes to fly.
October 2, 2012: The carrier declared partial lock-out following a strike by a section of its employees.
October 4, 2012: Uncertainty continues over Kingfisher resuming operations.
October 5, 2012: Banks give lifeline to the carrier, agreeing to release Rs.60 crore locked in an escrow account to pay employees’ salaries.
October 6, 2012: DGCA issues show-cause notice to Kingfisher asking why its flying permit should not be suspended or cancelled.
October 9, 2012: DGCA asks Kingfisher to stop ticket bookings, following reports that the airline planned to resume normal operations from October 13.
October 12, 2012: Commercial banks which had lent over Rs.7,000 crore to the airlines, closely monitor the situation and tighten the noose around its promoter to protect their interest.
The airlines further extends its partial lock-out until October 20 as it could not persuade the striking employees to join back duty without getting any salary.
A non-bailable arrest warrant issued against Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges.
October 20, 2012: The airline’s permit got suspended and experts said Vijay Mallya’s United Breweries group needs to pump in over Rs. 3,000 crore to get Kingfisher airborne again as no foreign operator would come forward to invest in the airline in its present state.
October 24, 2012: Employees reject the management’s fresh offer and demand payment of four months’ backlog in lumpsum before October 26.
October 25, 2012: Engineers, technicians and pilots call off their 26-day strike and agreed to join work immediately by accepting the management’s offer of disbursal of three months salary.
October 30, 2012: Vijay Mallya >meets Civil Aviation Secretary K.N. Srivastava on the airlines’ revival plan and its intention to resume operations as soon as possible.
November 1, 2012: The airlines pay April salary to its employees and the salary for March was paid the moment the employees called off their strike on October 25.
November 9, 2012: The company’s Q2 loss widens to Rs. 754 crore, as compared to a net loss of Rs.469 crore in the corresponding period in the previous year.
November 10, 2012: Mallya loses Royal Challenge when international liquor major Diageo announced its decision to acquire 53.4 per cent stake in Vijay Mallya-owned United Spirits Ltd. (USL) for Rs.11,166.50 crore.
November 16, 2012: The company starts paying salaries to employees in batches and employees with low salaries received their May wage.
December 5, 2012: Trying to help revive Kingfisher, says SBI, the lead banker in the 17-lenders consortium that extended Rs 7,000 crore loans to the carrier, and said that the banks are trying to do everything to find an amicable solution to the carrier’s financial troubles.
Karnataka High Court directs Kingfisher to deposit 50 per cent of the total amount of Rs.371 crore that the company is required to remit to the Income Tax Department as tax deducted at source (TDS) from its employees and payments made towards company expenses.
December 20, 2012: Kingfisher applies for renewal of its licence that would expire on December 31.
December 25, 2012: The Airlines submits an interim revival plan to the DGCA, seeking approval to take to the skies once again after being grounded for almost three months.
December 31, 2012: The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).
January 9, 2013: The company flies into more trouble, with its employees planning to head to court, a move that came after the management delayed in paying pending salaries.
January 10, 2013: The airlines’ Chairman Vijay Mallya appeals to his staff to stay on board, telling them that he was planning a limited restart with seven aircraft.
January 22, 2013: SBI’s Chairman Pratip Chaudhuri says that Kingfisher needs Rs. 2,000 crore for revival.
February 18, 2013: United Breweries Holdings seeks shareholders’ approval to provide additional loans of Rs.450 crore to the grounded airline.
February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Vijay Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government tax deducted at source (TDS).
February 25, 2013: The beleaguered airlines loses international and domestic flying slots and the move came close on heels of a decision taken by the consortium of bankers to start recalling their loans amounting to Rs.7,500 crore.
March 10, 2013: DGCA asks the carrier to clear all dues, including pending salaries of employees, before seeking licence renewal.
March 15, 2013: Airports Authority of India says it would release the deregistered leased aircraft of Kingfisher for the lessors only after a formal nod from the Civil Aviation Ministry.
March 21, 2013: Civil Aviation Minister Ajit Singh says that Kingfisher has not yet given a revival plan to restart operations.
March 27, 2013: DGCA deregisters 15 Kingfisher aircraft.
April 3, 2013: Bombay High Court refuses to grant any interim relief to United Breweries Holdings, which had filed a petition to prevent Kingfisher Airlines’ lenders from selling pledged shares of UB group companies.
April 5, 2013: The airlines' staff protest in Bangalore demanding the immediate release of their pending salaries.
June 2, 2013: Three senior Kingfisher executives quit.
June 8, 2013: Mallya says he cannot pay his employees.
August 15, 2013: Auditors red-flag Kingfisher’s revival plans.
September 24, 2013: Kingfisher in talks with foreign investor for potential stake sale.
October 29, 2013: Mallya ranks 84th in Forbes India rich list.
January 7, 2014: Employees of grounded Kingfisher Airlines have intensified efforts to recover their unpaid salaries.
February 12, 2014: Kingfisher Airlines reported a net loss of Rs. 822.42 crore for the third quarter ended December 31, 2013.
February 17,2014: The CEO of the company, Sanjay Aggarwal quit Kingfisher airlines.
July 17, 2014: The Kingfisher was declared to be the top NPA of the country as it failed to repay loans of over 4,000 crore, mostly borrowed from state-owned banks.
July 31, 2014: Kingfisher Airlines head Vijay Mallya personally appears before the Special Court for Economic Offences in Bangalore, in connection with three criminal cases booked against him by the Income Tax Department. The court granted him bail while directing him to deposit Rs. 1 lakh as cash surety in each case, bail bonds and solvent surety for the same sum.
August 9, 2014: CBI institues a preliminary inquiry against IDBI Bank and Kingfisher Airlines. The bank had sanctioned a loan of Rs. 950 crore, despite KFA having a negative rating.
August 21, 2014: Punjab National Bank issues notice to KFA alleging the carrier has wilfully defaulted in payment of outstanding dues of over Rs 770 crore.
September 1, 2014: United Bank of India declares Vijay Mallya and three directors of Kingfisher Airlines (KFA) as wilful defaulters.
September 2, 2014: Supreme Court denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India (UBI) to declare the airline and its promoter Vijay Mallya as wilful defaulters.
September 4, 2014: Vijay Mallya reiterates his intention to seek legal recourse in the UBI case, during the Annual General Body Meeting of United Breweries.
September 27, 2014: Kingfisher Airlines secures a stay from the Calcutta High Court on the decision of United Bank of India’s (UBI) Grievance Redressal Committee, which had earlier declared the airline and its directors, including its Chairman Vijay Mallya, as wilful defaulters.
December 1, 2014: Centre rejects move to re-appoint Mallya as MD of Kingfisher Airlines
December 2, 2014: United Bank of India (UBI) identifies United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.The bank had already declared Kingfisher Airlines and its four directors, including Mallya, as wilful defaulters.
February 24, 2015: A 17-bank consortium led by State Bank of India takes over possession of the prized Kingfisher House, estimated to be worth Rs.100 crore.
April 25, 2015: Alleging fund diversion to Kingfisher and other UB group entities, United Spirits’ new owner Diageo has asked Vijay Mallya to step down as Chairman and Director of the Indian liquor firm, a demand he out rightly rejected.
April 26, 2015: Mallya says only shareholders can ‘oust’ him from USL
October 10, 2015: CBI conducts searches at Vijay Mallya's offices. Sources say raids connected to the case of a Rs. 950 crore loan that IDBI Bank had provided Kingfisher Airlines
November 25, 2015: Vijay Mallya has offered banks to pay the principal amount that he owes but not the interest component and he has approached the bankers seeking a meeting.
December 10, 2015: The CBI questions Vijay Mallya as part of the ongoing probe into alleged wilful default of Rs.900-crore loan in conspiracy with unknown officials of IDBI bank.
February 16, 2016: PNB declares United Breweries Holdings ‘wilful defaulter’
February 19, 2016: As many as four banks are contemplating selling assets of beleaguered air carrier Kingfisher Airlines to asset reconstruction companies (ARCs) to recover part of their dues.
February 27, 2016: The State Bank of India (SBI)-led consortium of lenders has moved the debt recovery tribunal (DRT) to attach defunct carrier Kingfisher Airlines’ promoter Vijay Mallya’s passport.
February 28, 2016: Mallya exits USL but over 2 lakh investors still stuck in KFA Read more
March 3, 2016: KFA employees write open letter to Vijay Mallya
March 7, 2016: Vijay Mallya says he is in talks to settle debt with lenders
The Enforcement Directorate registers a money-laundering case against Vijay Mallya and the CFO of Kingfisher Airlines A. Raghunathan in connection with the CBI’s probe into the alleged default of a Rs. 900-crore loan in collusion with IDBI officials.
The Bengaluru Bench of the Debt Recovery Tribunal temporarily restrains U.K.-based Diageo Plc from paying $75 million to Mallya as per the reported agreement signed with him.
March 8: 2016: Banks move Supreme Court to ban Vijay Mallya’s overseas travel
March 9, 2016: Mallya left India on March 2, government tells court
March 11, 2016:The ED issues summons to businessman Vijay Mallya in connection with the money laundering case against him, while two of his former employees were quizzed by the agency. He has been asked to present himself before the investigating team on March 18.
Refuting the allegations that he was evading the law, Mallya defends himself on the microblogging site, Twitter.
March 30, 2016: Supreme Court hears Mallya's case. Mallya offers to repay Rs. 4000 cr. to banks by September. SC gives banks a week's time to decide
April 7, 2016: With the banks outrightly rejecting two offers made by Vijay Mallya towards payment of dues worth Rs. 9,000 crore, the Supreme Court orders him to file an affidavit on oath disclosing all assets as on March 31, 2016 in India and abroad, not only in his name but also in those of his wife and children.
April 15, 2016: Within days of a request from the Enforcement Directorate, in connection with a money laundering probe in the over Rs. 900 crore IDBI Bank loan fraud case, the Ministry of External Affairs suspends Vijay Mallya’s diplomatic passport.
April 20, 2016: Hyderabad court convicts Vijay Mallya in a cheque-bouncing case filed against him by GMR Hyderabad International Airport.
April 21, 2016: PMLA court directs ED to execute the non-bailable warrant against Vijay Mallya | Banks have no right to seek information about my assets abroad, he says | ED seeks Vijay Mallya's deportation
April 24, 2016: MEA revokes Vijay Mallya’s passport
April 29, 2016: I am in ‘forced exile’, no plans to return to India, said Mallya in an interview to Financial Times.
April 30, 2016: Seeking to recover their dues from beleaguered businessman Vijay Mallya, lenders initiate an auction of various brands and trademarks of the long-grounded Kingfisher Airlines, including its once-famous tagline ‘Fly The Goodtimes’, but bidders were hard to come by.
May 02, 2016: Independent MP Mallya, facing the case of loan default of over Rs. 9,400 crore, resigned from Rajya Sabha.
February 8, 2017: The Ministry of External Affairs made a formal request to extradite Mallya through a diplomatic note of request or ‘note verbale’.
February 21, 2017: U.K. Home Office conveyed to Indian officials that the request to initiate the legal process to allow Mallya’s extradition had been certified by the Secretary of State and sent to Westminster Magistrates’ Court for a District Judge to consider issuing an arrest warrant.
March 24, 2017: British authorities starts legal process to extradite Mallya to India.
April 18, 2017: Mallya arrested in London, Scotland Yard confirms.
Let’s take a look at how the airline put the liquor baron Vijay Mallya on the rocks.
May 9, 2005: Kingfisher Airlines’ maiden flight takes off. Alex Wilcox, CEO of Kingfisher, said the airline would not adopt the low-cost, no-frills model but chart the middle course.
June 30, 2005: Becomes the first and only Indian carrier to order the Airbus A380. Orders five A380s (cancelled subsequently), five A350-800s and five A330-200s for over $3 billion.
May 8, 2007: Vijay Mallya eyes stake in Air Deccan.
June 2, 2007: Vijay Mallya buys over the crisis-ridden no-frills Air Deccan owned by Capt Gopinath in 2007. The merged group plans to save up to Rs. 300 crore on costs with a combined fleet strength of 71 aircraft. Through a reverse merger, Kingfisher Airlines became Air Deccan and once the entire acquisition was completes with necessary approvals from the regulator SEBI in place, Mallya quickly changed the airline's name back to Kingfisher Airlines in 2008.
August 31, 2009: Kingfisher’s board approves a resolution to raise $100 million (nearly Rs 487.8 crore) by various instruments including Global Depository Receipts (GDRs). This was in addition to in addition to the decision for induction of capital for an amount not exceeding Rs 500 crore by a rights issue of equity shares taken on July 28.
November 4, 2009: Kingfisher reports a net loss of Rs 418.77 crore during the second quarter of the fiscal. Its income from operations also declines by 13.6 per cent during the quarter compared to the same period last year.
In view of the huge losses and capacity reduction, Kingfisher decides to >lay off nearly 100 pilots. The air-carrier later hiked fuel surcharges.
March 15, 2010: Despite operating losses, Kingfisher announces flight to Europe.
September 30, 2010: Kingfisher Airlines appoints Sanjay Aggarwal as CEO. Mr. Aggarwal is the former CEO of SpiceJet. Mallya also announced that staff would be pruned.
November 25, 2010: Kingfisher Airlines Board approves debt recast package. The airline’s debt stood at over Rs 6,000 crore.
September 15, 2011: The company’s auditors submit an annual report for 2010-11 which pointed out that the loss-making air carrier’s accumulated losses at the end of the financial year were more than 50 per cent of its net worth.
September 28, 2011: Vijay Mallya decides to exit low-cost business.
November 13, 2011: The airline, with a debt of around Rs 6,500 crore, looks at cutting costs and taking several steps to face the challenging times.
November 15, 2011: Kingfisher Airlines loss doubles to Rs.469 crore for the September 2011 quarter.
November 20, 2011: Vayalar Ravi says that the Centre has no plan for any package to salvage the airlines.
December 1, 2011: Mumbai International Airport Pvt. Ltd. sends a notice to the cash-strapped airlines to pay the Rs.90-crore outstanding dues.
December 9, 2011: The Service Tax Department freezes 11 accounts of Kingfisher Airlines for non-payment of Rs.70 crore.
December 14, 2011: Govt de-freezes bank accounts after part-payment of the service tax dues.
February 16, 2012: Kingfisher Airlines, reports a loss of Rs.444.26 crore at the third quarter results for 2011-12.
February 20, 2012: Kingfisher Airlines cancels several of its flights after reports of the Income-Tax Department freezing some of its accounts.
February 23, 2012: The carrier operates a truncated schedule and faced the prospect of losing a number of prime flying slots.
March 8, 2012: Another blow to Kingfisher with International Air Transport Association asking travel agents to immediately stop booking tickets on the private airline's behalf for failure in settling dues since February.
March 12, 2012: Furthertrouble, as employees protest delays in salary payment.
March 14, 2012: Vijay Amritraj resigns from Kingfisher board.
March 15, 2012: Kingfisher announces curtailing of its international operations.
March 17, 2012: Revenue dept. threatens to take Kingfisher Airlines to court over alleged service tax evasion, saying the company has not deposited taxes it collected from travellers.
March 19, 2012: Anil Kumar Ganguly, the only independent director on the board of Kingfisher Airlines, quits the company, leaving it with only three board members.
March 20, 2012: Mallya explains the airline's position to the Directorate-General of Civil Aviation (DGCA) following summons and says that it is suspending all its international operations.
March 27, 2012: Burdened by a debt of over Rs.7,000 crore, the airline suspends operations from Kolkata, Hyderabad, Patna, Lucknow, Thiruvananthapuram and Bhubaneshwar. The airline operated about 120 daily flights by this date, down from more than 400 earlier.
March 28, 2012: The airlines inducts three independent directors in its board to comply with the listing norms.
April 2, 2012: The company’s staff threaten to go on strike, demanding payment of salary dues.
April 3, 2012: The standoff ends with the protestors accepting the assurance given by Mallya.
April 9, 2012: Employees, including pilots and engineers, receive salaries after a delay of nearly four months.
May 11, 2012: Kingfisher flights cancelled after the pilots report sick to protest non-payment of salaries.
June 27, 2012: Kingfisher shares tumble over 13% following reports that 34 aircraft have been possessed due to non-payment of lease rentals.
July 5, 2012: A 15-day time was given by the company’s lenders to come up with a plan to improve its operations. The airlines had a total outstanding debt of around Rs.7,500 crore to a consortium of 17 banks led by State Bank of India (SBI).
July 14, 2012: Pilots go on strike against the non-payment of wages for almost five months.
July 18, 2012: Minister for Civil Aviation Ajit Singh rules out bailout of Kingfisher Airlines.
August 8, 2012: A section of its employees strike and 15 flights were cancelled.
August 18, 2012: A section of pilots of the near-bankrupt airlines go on >strike, second time in a month, demanding immediate payment of March salaries, leading to cancellation of seven flights from Mumbai.
September 4, 2012: Chairman Vijay Mallya gives guarantees worth Rs. 5,904 crore for the carrier’s loans and other liabilities in 2011-12, but did not get any commission for the same because of lenders’ opposition.
September 6, 2012: A section of the company’s engineers go on strike demanding payment of salaries. The airlines’ lenders ask Mallya to spell out the airline’s revival plan by the end of the month.
September 9, 2012: Pilots from both Delhi and Mumbai threaten to strike work as part of mass agitation for immediate disbursal of salaries.
September 26, 2012: Mallya announces that the carrier was in talks with overseas airlines for investment.
September 28, 2012: Turning down a request for Rs.200-crore working loan by Kingfisher, the State Bank of India-led lenders consortium, asks SBI Capitals to chalk out a fresh revival plan for the cash-strapped airline in the next 2-3 weeks.
October 1, 2012: Unpaid staff protest in Delhi, Mumbai and other airports and almost all of Kingfisher’s flights from all stations were cancelled as engineers did not certify the planes to fly.
October 2, 2012: The carrier declared partial lock-out following a strike by a section of its employees.
October 4, 2012: Uncertainty continues over Kingfisher resuming operations.
October 5, 2012: Banks give lifeline to the carrier, agreeing to release Rs.60 crore locked in an escrow account to pay employees’ salaries.
October 6, 2012: DGCA issues show-cause notice to Kingfisher asking why its flying permit should not be suspended or cancelled.
October 9, 2012: DGCA asks Kingfisher to stop ticket bookings, following reports that the airline planned to resume normal operations from October 13.
October 12, 2012: Commercial banks which had lent over Rs.7,000 crore to the airlines, closely monitor the situation and tighten the noose around its promoter to protect their interest.
The airlines further extends its partial lock-out until October 20 as it could not persuade the striking employees to join back duty without getting any salary.
A non-bailable arrest warrant issued against Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges.
October 20, 2012: The airline’s permit got suspended and experts said Vijay Mallya’s United Breweries group needs to pump in over Rs. 3,000 crore to get Kingfisher airborne again as no foreign operator would come forward to invest in the airline in its present state.
October 24, 2012: Employees reject the management’s fresh offer and demand payment of four months’ backlog in lumpsum before October 26.
October 25, 2012: Engineers, technicians and pilots call off their 26-day strike and agreed to join work immediately by accepting the management’s offer of disbursal of three months salary.
October 30, 2012: Vijay Mallya >meets Civil Aviation Secretary K.N. Srivastava on the airlines’ revival plan and its intention to resume operations as soon as possible.
November 1, 2012: The airlines pay April salary to its employees and the salary for March was paid the moment the employees called off their strike on October 25.
November 9, 2012: The company’s Q2 loss widens to Rs. 754 crore, as compared to a net loss of Rs.469 crore in the corresponding period in the previous year.
November 10, 2012: Mallya loses Royal Challenge when international liquor major Diageo announced its decision to acquire 53.4 per cent stake in Vijay Mallya-owned United Spirits Ltd. (USL) for Rs.11,166.50 crore.
November 16, 2012: The company starts paying salaries to employees in batches and employees with low salaries received their May wage.
December 5, 2012: Trying to help revive Kingfisher, says SBI, the lead banker in the 17-lenders consortium that extended Rs 7,000 crore loans to the carrier, and said that the banks are trying to do everything to find an amicable solution to the carrier’s financial troubles.
Karnataka High Court directs Kingfisher to deposit 50 per cent of the total amount of Rs.371 crore that the company is required to remit to the Income Tax Department as tax deducted at source (TDS) from its employees and payments made towards company expenses.
December 20, 2012: Kingfisher applies for renewal of its licence that would expire on December 31.
December 25, 2012: The Airlines submits an interim revival plan to the DGCA, seeking approval to take to the skies once again after being grounded for almost three months.
December 31, 2012: The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).
January 9, 2013: The company flies into more trouble, with its employees planning to head to court, a move that came after the management delayed in paying pending salaries.
January 10, 2013: The airlines’ Chairman Vijay Mallya appeals to his staff to stay on board, telling them that he was planning a limited restart with seven aircraft.
January 22, 2013: SBI’s Chairman Pratip Chaudhuri says that Kingfisher needs Rs. 2,000 crore for revival.
February 18, 2013: United Breweries Holdings seeks shareholders’ approval to provide additional loans of Rs.450 crore to the grounded airline.
February 21, 2013: The Special Court for Economic Offences, Bangalore, issues summons to Vijay Mallya on a criminal case filed by the Income-Tax Department for not remitting to the government tax deducted at source (TDS).
February 25, 2013: The beleaguered airlines loses international and domestic flying slots and the move came close on heels of a decision taken by the consortium of bankers to start recalling their loans amounting to Rs.7,500 crore.
March 10, 2013: DGCA asks the carrier to clear all dues, including pending salaries of employees, before seeking licence renewal.
March 15, 2013: Airports Authority of India says it would release the deregistered leased aircraft of Kingfisher for the lessors only after a formal nod from the Civil Aviation Ministry.
March 21, 2013: Civil Aviation Minister Ajit Singh says that Kingfisher has not yet given a revival plan to restart operations.
March 27, 2013: DGCA deregisters 15 Kingfisher aircraft.
April 3, 2013: Bombay High Court refuses to grant any interim relief to United Breweries Holdings, which had filed a petition to prevent Kingfisher Airlines’ lenders from selling pledged shares of UB group companies.
April 5, 2013: The airlines' staff protest in Bangalore demanding the immediate release of their pending salaries.
June 2, 2013: Three senior Kingfisher executives quit.
June 8, 2013: Mallya says he cannot pay his employees.
August 15, 2013: Auditors red-flag Kingfisher’s revival plans.
September 24, 2013: Kingfisher in talks with foreign investor for potential stake sale.
October 29, 2013: Mallya ranks 84th in Forbes India rich list.
January 7, 2014: Employees of grounded Kingfisher Airlines have intensified efforts to recover their unpaid salaries.
February 12, 2014: Kingfisher Airlines reported a net loss of Rs. 822.42 crore for the third quarter ended December 31, 2013.
February 17,2014: The CEO of the company, Sanjay Aggarwal quit Kingfisher airlines.
July 17, 2014: The Kingfisher was declared to be the top NPA of the country as it failed to repay loans of over 4,000 crore, mostly borrowed from state-owned banks.
July 31, 2014: Kingfisher Airlines head Vijay Mallya personally appears before the Special Court for Economic Offences in Bangalore, in connection with three criminal cases booked against him by the Income Tax Department. The court granted him bail while directing him to deposit Rs. 1 lakh as cash surety in each case, bail bonds and solvent surety for the same sum.
August 9, 2014: CBI institues a preliminary inquiry against IDBI Bank and Kingfisher Airlines. The bank had sanctioned a loan of Rs. 950 crore, despite KFA having a negative rating.
August 21, 2014: Punjab National Bank issues notice to KFA alleging the carrier has wilfully defaulted in payment of outstanding dues of over Rs 770 crore.
September 1, 2014: United Bank of India declares Vijay Mallya and three directors of Kingfisher Airlines (KFA) as wilful defaulters.
September 2, 2014: Supreme Court denies relief to KFA challenging the decision of the Grievance Redressal Committee of United Bank of India (UBI) to declare the airline and its promoter Vijay Mallya as wilful defaulters.
September 4, 2014: Vijay Mallya reiterates his intention to seek legal recourse in the UBI case, during the Annual General Body Meeting of United Breweries.
September 27, 2014: Kingfisher Airlines secures a stay from the Calcutta High Court on the decision of United Bank of India’s (UBI) Grievance Redressal Committee, which had earlier declared the airline and its directors, including its Chairman Vijay Mallya, as wilful defaulters.
December 1, 2014: Centre rejects move to re-appoint Mallya as MD of Kingfisher Airlines
December 2, 2014: United Bank of India (UBI) identifies United Breweries Holdings, the guarantor of grounded airline Kingfisher, as wilful defaulter.The bank had already declared Kingfisher Airlines and its four directors, including Mallya, as wilful defaulters.
February 24, 2015: A 17-bank consortium led by State Bank of India takes over possession of the prized Kingfisher House, estimated to be worth Rs.100 crore.
April 25, 2015: Alleging fund diversion to Kingfisher and other UB group entities, United Spirits’ new owner Diageo has asked Vijay Mallya to step down as Chairman and Director of the Indian liquor firm, a demand he out rightly rejected.
April 26, 2015: Mallya says only shareholders can ‘oust’ him from USL
October 10, 2015: CBI conducts searches at Vijay Mallya's offices. Sources say raids connected to the case of a Rs. 950 crore loan that IDBI Bank had provided Kingfisher Airlines
November 25, 2015: Vijay Mallya has offered banks to pay the principal amount that he owes but not the interest component and he has approached the bankers seeking a meeting.
December 10, 2015: The CBI questions Vijay Mallya as part of the ongoing probe into alleged wilful default of Rs.900-crore loan in conspiracy with unknown officials of IDBI bank.
February 16, 2016: PNB declares United Breweries Holdings ‘wilful defaulter’
February 19, 2016: As many as four banks are contemplating selling assets of beleaguered air carrier Kingfisher Airlines to asset reconstruction companies (ARCs) to recover part of their dues.
February 27, 2016: The State Bank of India (SBI)-led consortium of lenders has moved the debt recovery tribunal (DRT) to attach defunct carrier Kingfisher Airlines’ promoter Vijay Mallya’s passport.
February 28, 2016: Mallya exits USL but over 2 lakh investors still stuck in KFA Read more
March 3, 2016: KFA employees write open letter to Vijay Mallya
March 7, 2016: Vijay Mallya says he is in talks to settle debt with lenders
The Enforcement Directorate registers a money-laundering case against Vijay Mallya and the CFO of Kingfisher Airlines A. Raghunathan in connection with the CBI’s probe into the alleged default of a Rs. 900-crore loan in collusion with IDBI officials.
The Bengaluru Bench of the Debt Recovery Tribunal temporarily restrains U.K.-based Diageo Plc from paying $75 million to Mallya as per the reported agreement signed with him.
March 8: 2016: Banks move Supreme Court to ban Vijay Mallya’s overseas travel
March 9, 2016: Mallya left India on March 2, government tells court
March 11, 2016:The ED issues summons to businessman Vijay Mallya in connection with the money laundering case against him, while two of his former employees were quizzed by the agency. He has been asked to present himself before the investigating team on March 18.
Refuting the allegations that he was evading the law, Mallya defends himself on the microblogging site, Twitter.
March 30, 2016: Supreme Court hears Mallya's case. Mallya offers to repay Rs. 4000 cr. to banks by September. SC gives banks a week's time to decide
April 7, 2016: With the banks outrightly rejecting two offers made by Vijay Mallya towards payment of dues worth Rs. 9,000 crore, the Supreme Court orders him to file an affidavit on oath disclosing all assets as on March 31, 2016 in India and abroad, not only in his name but also in those of his wife and children.
April 15, 2016: Within days of a request from the Enforcement Directorate, in connection with a money laundering probe in the over Rs. 900 crore IDBI Bank loan fraud case, the Ministry of External Affairs suspends Vijay Mallya’s diplomatic passport.
April 20, 2016: Hyderabad court convicts Vijay Mallya in a cheque-bouncing case filed against him by GMR Hyderabad International Airport.
April 21, 2016: PMLA court directs ED to execute the non-bailable warrant against Vijay Mallya | Banks have no right to seek information about my assets abroad, he says | ED seeks Vijay Mallya's deportation
April 24, 2016: MEA revokes Vijay Mallya’s passport
April 29, 2016: I am in ‘forced exile’, no plans to return to India, said Mallya in an interview to Financial Times.
April 30, 2016: Seeking to recover their dues from beleaguered businessman Vijay Mallya, lenders initiate an auction of various brands and trademarks of the long-grounded Kingfisher Airlines, including its once-famous tagline ‘Fly The Goodtimes’, but bidders were hard to come by.
May 02, 2016: Independent MP Mallya, facing the case of loan default of over Rs. 9,400 crore, resigned from Rajya Sabha.
February 8, 2017: The Ministry of External Affairs made a formal request to extradite Mallya through a diplomatic note of request or ‘note verbale’.
February 21, 2017: U.K. Home Office conveyed to Indian officials that the request to initiate the legal process to allow Mallya’s extradition had been certified by the Secretary of State and sent to Westminster Magistrates’ Court for a District Judge to consider issuing an arrest warrant.
March 24, 2017: British authorities starts legal process to extradite Mallya to India.
April 18, 2017: Mallya arrested in London, Scotland Yard confirms.
Thursday, 25 August 2016
INDIA: Fresh Suit Against Vijay Mallya, Kingfisher Airlines
The fresh probe is in addition to the Rs.900 crore IDBI Bank loan default case that in already under investigation. In the new case, the agency will probe a loan default of Rs.6,900 crore.
ED’s fresh case against Mallya and Kingfisher Airlines is based on a complaint filed by a State Bank of India-led (SBI-led) consortium with the Central Bureau of Investigation (CBI).
CBI has registered a case against Mallya and the airline he promoted on the basis of the complaint filed by India’s largest public sector lender in the second week of August.
SBI has alleged that Mallya sought to recast his loan repayments without disclosing all pertinent information. SBI, and the 17-lender consortium it leads, say that Kingfisher Airlines owes them Rs.9,000 crore.
“The fresh case will be clubbed together in the PMLA (Prevention of Money Laundering Act) probe against Mallya and others in the Rs.900-crore loan fraud of IDBI Bank,” said one of the ED officials cited above.
The 17 banks had extended a loan of Rs.6,900 crore to the defunct airline after a second round of debt restructuring in 2010. Out of this, SBI, with Rs.1,600 crore, has the largest exposure. The banks recalled the loan in February 2013, but could recover only around Rs.1,100 crore after selling pledged shares of UB Group companies.
Saturday, 12 March 2016
INDIA: Airline Tycoon Vijay Mallya Goes Away From Country Owing $1bn
Billionaire liquor baron Vijay Mallya left India owing $1bn in unpaid loans, a weeks after stepping down as chairman of United Spirits, the Indian arm of Britain’s beverage giant, Diageo.
The heavily indebted Indian drinks baron, Vijay Mallya, has left the country, the supreme court heard on Wednesday, as banks lined up to try to recover more than $1bn in unpaid loans.
The man once nicknamed ‘India’s Richard Branson’ is thought to have gone to London, leaving creditors with massive unpaid loans.
A group of mainly state-run banks had asked the supreme court to prevent the flamboyant businessman, once nicknamed “India’s Richard Branson”, from quitting the country.
The rise and fall of Vijay Mallya: are India's boom times ending?
But the attorney general, Mukul Rohatgi, who appeared in court for the consortium of banks, said the 60-year-old had left on 2 March after stepping down as chairman of United Spirits, the Indian arm of Britain’s beverage giant, Diageo, following allegations of financial lapses.
“Agencies and the CBI [Central Bureau of Investigation] have told me he left the country on the second of March,” Rohatgi told the court. “Please ask Mr Mallya to come back and appear in the supreme court and disclose all his assets.”
Rohatgi said the state was not looking to take action against Mallya, who is thought to be in London, but wanted him to settle debts worth more than $1.3bn.
Mallya announced last month he planned to move to Britain to be closer to his children. But in an emailed statement to media on Sunday he said he had no plans to run away from his creditors and was hurt the press was painting him “as an absconder”.
Mallya was known as the “King of Good Times” before the 2012 collapse of his Kingfisher Airlines, which left thousands of workers unemployed and millions of dollars in unpaid bills.
As his beverages business flourished during the early 2000s he diversified into other areas and in 2005 launched Kingfisher Airlines, named after his company’s best-known beer.
His profile rose further when he acquired a stake in the Force India formula one team and ownership of the Royal Challengers Bangalore cricket team. His fortune reached a peak of $1.6bn in 2007.
But he was unable to stop Kingfisher from haemorrhaging cash, and following a pilots’ strike over unpaid wages, the airline was grounded in 2012 having never made a profit.
The consortium of mainly state-run banks seeking action against Mallya had also sought his arrest and the confiscation of his passport. But the debt recovery tribunal and the High Court in southern India, where a separate petition has also been filed, have yet to rule on those requests.
The court said it would issue a notice seeking a response from the businessman on the repayment of the loans.
Calls by to Mallya’s mobile and those of his representatives went unanswered on Wednesday.
The man once nicknamed ‘India’s Richard Branson’ is thought to have gone to London, leaving creditors with massive unpaid loans.
A group of mainly state-run banks had asked the supreme court to prevent the flamboyant businessman, once nicknamed “India’s Richard Branson”, from quitting the country.
The rise and fall of Vijay Mallya: are India's boom times ending?
But the attorney general, Mukul Rohatgi, who appeared in court for the consortium of banks, said the 60-year-old had left on 2 March after stepping down as chairman of United Spirits, the Indian arm of Britain’s beverage giant, Diageo, following allegations of financial lapses.
“Agencies and the CBI [Central Bureau of Investigation] have told me he left the country on the second of March,” Rohatgi told the court. “Please ask Mr Mallya to come back and appear in the supreme court and disclose all his assets.”
Rohatgi said the state was not looking to take action against Mallya, who is thought to be in London, but wanted him to settle debts worth more than $1.3bn.
Mallya announced last month he planned to move to Britain to be closer to his children. But in an emailed statement to media on Sunday he said he had no plans to run away from his creditors and was hurt the press was painting him “as an absconder”.
Mallya was known as the “King of Good Times” before the 2012 collapse of his Kingfisher Airlines, which left thousands of workers unemployed and millions of dollars in unpaid bills.
As his beverages business flourished during the early 2000s he diversified into other areas and in 2005 launched Kingfisher Airlines, named after his company’s best-known beer.
His profile rose further when he acquired a stake in the Force India formula one team and ownership of the Royal Challengers Bangalore cricket team. His fortune reached a peak of $1.6bn in 2007.
But he was unable to stop Kingfisher from haemorrhaging cash, and following a pilots’ strike over unpaid wages, the airline was grounded in 2012 having never made a profit.
The consortium of mainly state-run banks seeking action against Mallya had also sought his arrest and the confiscation of his passport. But the debt recovery tribunal and the High Court in southern India, where a separate petition has also been filed, have yet to rule on those requests.
The court said it would issue a notice seeking a response from the businessman on the repayment of the loans.
Calls by to Mallya’s mobile and those of his representatives went unanswered on Wednesday.
Friday, 4 March 2016
INDIA: Kingfisher Airlines Not Flying Yet Oil Is Cheap
"I have no regrets as such. Perhaps the only regret is that Kingfisher Airlines is not flying today when the oil price is so low," Mallya said.
Global crude oil prices have fallen by almost 75 per cent from the peak seen in mid-2014. While airlines in India still complain that the fall in crude prices has not got translated fully in the aviation fuel prices, their fuel cost has still come down by 30-40 per cent.
Most airlines reported better financials in the last quarter on account of low oil prices.
Mallya, widely known as the 'King of Good Times' in his heydays, had to quit recently as Chairman of United Spirits -- a company founded by his family in which he sold majority stake to UK-based liquor giant Diageo. As part of the deal that also ended a year-long boardroom battle at United Spirits, Diageo has agreed to pay Mallya USD 75 million.
The settlement was sealed even as at least three banks including state-run giant SBI declaring Kingfisher, Mallya and his group holding firm UBHL (United Breweries Holding Ltd) as 'wilful defaulters' to recover unpaid loans amounting to thousands of crores of rupees.
Once billed as the most luxurious airline, Kingfisher had to be grounded in October 2012 after it landed in a major financial crisis with huge loans and payment defaults including to the oil companies and airports.
When asked about his long professional journey, Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
"I built India's biggest beer company. I built India's biggest spirits company. Okay, Kingfisher Airlines went wrong.
But there is a whole list of reasons why it went wrong," Mallya told PTI in an interview days after Diageo settlement.
"Aisa nahi ki bewakoofi se band ho gaya (it did not shut down for some stupid reason)... There were genuine reasons. It did not go well. You experience ups and downs in life... (but in the end) I have enough to be proud of," he said.
Mallya, known for his flamboyance and lavish parties, also brushed aside the criticism about he deciding to spend more time in England after Diageo deal.
"I have had my residence in England (for a long time) So what is new? All I have said is that I would like to spend more with my family," he said.
State Bank of India yesterday approached the Debt Recovery Tribunal seeking action against the UB Group promoter for defaulting on loans, including his arrest and impounding of his passport.
SBI, which heads the consortium of 17 lenders to Kingfisher, has moved the Tribunal in Bengaluru against the airline's chairman Mallya in a bid to recover over Rs 7,000-crore dud loans from him.
Besides SBI, Punjab National Bank and United Bank have also declared Mallya, his group holding company UBHL and Kingfisher Airlines wilful defaulters.
As part of Diageo deal, Mallya has also relinquished his position to control IPL franchise Royal Challengers Bangalore.
However, he has been appointed Chief Mentor of the team and his son Siddharth has become a director.
While he has already asserted that remains in charge of his other sporting interest, the Force India Formula 1 team, Mallya said he will remain actively involved in the running of RCB.
"My son is a director and I have been appointed Chief Mentor. What does that mean? If I am going away why should I be Chief Mentor? I will be part of the planning and I will be around during the tournament. In my statement, I have said that I want to win the IPL trophy. If I am not associated at all, why would I make that statement," Mallya said.
The lenders are now eyeing the Rs 515-crore bounty sealed by Mallya as part of a 'sweetheart deal' with Diageo to exit United Spirits.
Diageo has in return agreed to absolve Mallya of all his "personal liabilities' with regard to alleged financial irregularities relating to dealings with UB Group entities.
Diageo is the majority shareholder of USL with a 54.78 per cent holding, excluding the 2.38 per cent owned by the USL Benefit Trust.
Mallya personally held a small stake of 0.01 per cent in USL at the end of December 2015, while his group firms owned further 3.99 per cent stake. However, more than half of these shares are pledged with banks.
In case of Kingfisher, the trading in its shares have been suspended for long due to its non-compliance to various listing requirements including its failure to make timely disclosure of shareholding data and other details.
As per the latest shareholding data disclosure till September 2014, it had over 2.33 lakh small retail investors, over 6,200 HNIs, 13 banks and other domestic financial institutions, as also five promoter entities.
Ironically, the number of public shareholders across all categories is higher than the levels before the airline was grounded in October 2012. The total number of public shareholders has gone up during this period from 2.1 lakh to over 2.4 lakh.
The company now commands a market cap of just about Rs 110 crore, as against that of close to Rs 10,000 crore before it landed in financial mess leading to its grounding.
Subscribe to:
Posts (Atom)