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Tuesday 22 January 2013

Biggest Aviation Scam Ever Kingfisher Ex-Pilots send notice to Dr Vijay Mallaya over unpaid dues

Biggest Aviation Scam Ever
Kingfisher Ex-Pilots send notice to Dr Vijay Mallaya
over unpaid dues,  Charged with Cheating for Non-Payment of Salaries.

Former Kingfisher Airlines  Pilots have sent a legal notice to the management seeking compensation for mental harassment and salary dues,

Sources say the management has been given a period of 21 days to comply with the notice.

The management received the notice on January 18, in which it has been charged with cheating for non-payment of salaries. Sources say the notice has been sent to the top brass of the Airlines including Chairman Dr Vijay Mallya and CEO Sanjay Aggarwal.

The legal notice essentially asks Kingfisher to comply with the pilots demand to pay their salaries. They also want compensation for mental harassment and agony that they have gone through with the management of Kingfisher.

Sources added that Kingfisher engineers are also working on a similar legal notice and will send it later this week.

Clearly, trouble for Kingfisher has been compounding. The debt-ridden airline was also served a warrant in Hyderabad for a cheque bounce row, however, it got resolved after the case was withdrawn. This time it seems the employees are hell-bent and very determined to take the management to court.

Kingfisher Airlines Ltd , promoted by Dr Vijay Mallya,should infuse Rs 2,000 Crore for Revival with 7 Aircrafts and 7000 Staff

Kingfisher Airlines should infuse at least Rs 2,000 crore as capital for reviving the carrier, State Bank of India BSE   Chairman Pratip Chaudhuri said today.

Kingfisher Airlines, promoted by Dr Vijay Mallya, owes Rs 7,500 crore to a consortium of 17 banks led by SBI.

"The company has to bring capital of Rs 2,000 crore minimum, then there can be some possibility (for revival)...if the company doesn't want to fly, what can the banks do?" Chaudhuri told reporters on the sidelines of an event here.

Referring to the repeated rounds of inconclusive dialogue between the lenders and the company, the last round of which took place at the SBI office yesterday, he said, "talks are on, (but) still there is no progress."

"The solution has to come from the company. If we realise assets, whatever hopes are there, that will be gone," he added.

Bankers, who are holding on to the collateral which do not meet their individual exposure, have been eyeing infusion of funds into the airline from the promoter in the wake of USD 2.1 billion or Rs 11,000 crore deal Mallya stuck by selling his holding in USL to Britain's Diageo.

However, Dr Mallya has maintained that the USL deal would not necessarily help the Airline.

In an earlier meeting on December 17, the airline had reportedly told the lenders that promoters would bring in Rs 425 crore as part of the revival plan.

Kingfisher Airlines, which has never reported profit, has remained grounded since October 1 last year, following a staff strike over salaries and suspension of flying license.

Meanwhile, on the government's plan to infuse Rs 3,000 crore into SBI to boost its capital base, Chaudhuri said even without the infusion committed by the government, its core Tier-I capital would be above the 10 per cent mark.

A part of the infusion will go to the associate banks and international subsidiaries, he said.

Responding to a query, he said he expects the Reserve Bank to cut its key lending rate repo by 0.50 per cent and the cash reserve ratio by 1 per cent in its credit policy announcement on January 29.

During their customary pre-policy meet with the RBI brass, the bankers also requested RBI to deregulate interest rate on current accounts which would help people put in more money into these accounts, he added.

Speaking about concerns over deposit growth, Chaudhuri said SBI did not share the concern as it had an excess liquidity of Rs 55,000 crore.

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Kingfisher ex-pilots send notice to mgmt over unpaid dues
Former Kingfisher Airlines pilots have sent a legal notice to the management seeking compensation for mental harassment and salary dues, CNBC-TV18's Sumit Jha reports. Source: CNBC-TV18 ...
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Kingfisher Air Revival Needs $186 Million, Minister Says
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The Hindu

Kingfisher needs Rs. 2000 cr for revival: SBI chief
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Kingfisher Airlines should infuse at least Rs 2,000 crore to restart its operations, said one of its lender State Bank of India (SBI)'s Chairman Pratip Chaudhuri. SBI is the lead banker in the 17-lender consortium that extended Rs 7,000 crore loans to ...
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The Hindu
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Earlier in the day, a senior government source said India was willing to support a rescue plan fromKingfisher if it could settle months of salary due to frustrated employees, sending the airline's shares up as much as 9 percent. The comments came ...
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Govt to Kingfisher: Clear all dues before taking wing again
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The government on day made it clear that grounded Kingfisher Airlines would not be allowed to fly till it cleared all its dues, including pending salaries of its staffers. "Kingfisher cannot be allowed to fly without settling its dues. Just paying the ...
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Willing to support Kingfisher revival plan: govt source
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