More Turbulence for Kingfisher Airlines Ltd

India's aviation minister warned grounded Airline Kingfisher this week that the debt-laden carrier will need to get clearance from its Bankers to Fly again.

The Airline, which analysts estimate owes $2.5-billion to employees, Banks, Airports, back taxes and other items, has been grounded since October.

Kingfisher says it aims to be ready to resume operations in April but the government claims the Airline's recovery plan is inadequate.

The company, "has no concrete funding plan," Civil Aviation Minister Ajit Singh told reporters in New Delhi.

"Kingfisher cannot be allowed to fly without settling its dues," he said. "The bankers have to give go-ahead to restart the operations."

Singh said the company needs at least 10 billion rupees ($186-million).

Kingfisher must obtain statements from creditors, including Banks, Airport operators and employees that they do not object to a resumption of flights, he added.

His comments came after the airline's chief executive Sanjay Aggarwal met Civil Aviation Secretary K.N. Srivastava to discuss a $120-million plan to resume operations.

Salaries and allowances of Kingfisher employees, including Pilots and AMEs [Engineers ], have been overdue for Ten months.

Kingfisher told a Supreme Court hearing on Tuesday that it was in "serious negotiations" with unnamed investors to raise funds.

More turbulence for Kingfisher iAfrica.com India's aviation minister warned grounded airline Kingfisher this week that the debt-laden carrier will need to get clearance from its bankers to fly again. The airline, which analysts estimate owes $2.5-billion to employees, banks, airports, back ... See all stories on this topic »

Kingfisher Calendar 2013: Bikini bombshells in India's hottest ever photoshoot Apun Ka Choice Launched by the liquor baron Vijay Mallya in the year 2003, Kingfisher calendar is often called India's answer to the illustrious Pirelli calendar, but according to Atul Kasbekar both the calendars are different in many ways. While talking to a news ... See all stories on this topic »

Kingfisher's Exit Helps Other Indian Carriers Wall Street Journal (India) Jet Airways, SpiceJet and others such as unlisted Indigo and state-run Air India Ltd. are witnessing higher ticket sales and have increased fares since Kingfisher grounded its flights on Oct. 1, first because of a staff strike and then due to the ... See all stories on this topic »

Talks on with investors for revival, Kingfisher tells SC Deccan Herald As it sought more time to respond to the demands by the Income Tax department, the belagueredKingfisher Airlines Ltd. Tuesday told the Supreme Court that it was in negotiations with the investors for the revival of its grounded fleet. "There are some ... See all stories on this topic »

Buy Bajaj FinServ, Kingfisher, Indiabulls Sec: Tulsian Moneycontrol.com Buy Kingfisher Airlines with a day target of Rs 15.30 and stop loss of Rs 14.30. It is seen that government and State Bank of India (SBI) being the lead banker are lending the helping hands and are prepared to extend the necessary co-operations to UB ... See all stories on this topic »

Moneycontrol.com

Government Tells Kingfisher To Settle Dues Before Resuming Operations Bernama NEW DELHI, Jan 23 (Bernama) -- The Indian government has said grounded Kingfisher Airlines will not be allowed to resume operations until it has cleared all its debts, including salaries owed to staff.Kingfisher needs to obtain statements from ... See all stories on this topic »

Negotiations on with investors: Kingfisher to SC Firstpost New Delhi: The Supreme Court on Tuesday deferred hearing on Vijay Mallya-owned KingfisherAirlines' plea challenging Karnataka High Court's order to deposit around Rs 185 crore with the Income Tax Department as tax deducted at source (TDS) from its ... See all stories on this topic »

Broker tips: Unilever, Kingfisher, Fresnillo ShareCast Deutsche Bank has trimmed its fourth-quarter forecasts for B&Q and Screwfix owner Kingfisher on the back of a negative read-across from peers in the DIY retail industry. "Last week's data from Homebase and the Banque de France suggest market weakness ... See all stories on this topic »

India says Kingfisher must get bankers' permission to fly haveeruonline NEW DELHI, Jan 23, 2013 (AFP) - India's aviation minister warned grounded airlineKingfisher Tuesday that the debt-laden carrier will need to get clearance from its bankers to fly again. The airline, which analysts estimate owes $2.5 billion to ... See all stories on this topic » haveeruonline

Bull's eye: Buy Bajaj Finserv, Kingfisher, short HDIL Moneycontrol.com Bull's eye: Buy Bajaj Finserv, Kingfisher, short HDIL. Bull's Eye, CNBC-TV18's popular game show, where market experts come together to dish out trading strategies for you to make your week more exciting and compete with each other to see whose ... See all stories on this topic »

Kingfisher Airlines needs Rs 1000 crore to restart operations: Civil Aviation ... TravelBizMonitor Kingfisher Airlines Ltd will require at least Rs 1,000 crore to restart operations, said Ajit Singh, Minister for Civil Aviation, Government of India, adding that mere payment of salaries will not be enough for revival, according to an NDTV report. The ... See all stories on this topic »

La. plane crash kills two from LR based hangar

Research Plane Crashes in Antarctica Science AAAS ROME—A propeller-driven aircraft flown as part of Italy's polar research program is believed to havecrashed in a remote and mountainous part of Antarctica while en route from the South Pole to a research station some 1500 kilometers away on the ... See all stories on this topic »

La. plane crash kills two from LR based hangar Today's THV KNOE 8 News reported that the plane was flying from Beaumont, Tx. to Monroe when it crashed for unknown reasons, and the plane was on final approach to the airport when it crashed around 2 p.m. The plane first took off earlier Thursday in Little Rock. See all stories on this topic » Today's THV

Deputies heading to reported plane crash west of Shelton The Olympian INITIAL POST: Deputies are heading to the site of a reported plane crash about 17 miles west of Shelton along West Shelton-Matlock Road, according to Mason County Sheriff's Office spokesman Dean Byrd. The pilot doesn't appear to be injured, but ... See all stories on this topic »

Accident report documents from fatal plane crash made public The Capital Journal An open door in what the pilot described as a “very pitch sensitive” aircraft is one focus in the investigation of a fatal plane crash in Pierre last August. The National Transportation Safety Board recently made public accident report documents ... See all stories on this topic »

Victims of Dana Air Plane Crash Protest Delay in Compensation AllAfrica.com The ground victims of the tragic Dana Air's flight J9 0992, which crashed into homes at Iju/Ishaga area of Lagos, killing 153 people on board and about 10 others on the ground, yesterday staged a protest at the head office of the airline, located at ... See all stories on this topic » AllAfrica.com

Parachute on plane that crashed in Danbury saved 3 lives WTNH DANBURY, Conn. (WTNH) -- Danbury airport officials say a plane was trying to land and the pilot called saying he suffered engine trouble 5 miles away and then the plane crashed with 3 people on board. The plane had a parachute and News 8 talked to ... See all stories on this topic » WTNH

CHP: Plane crash report on SR-94 a hoax 10News SAN DIEGO - The California Highway Patrol is investigating a report of a fiery plane crash on state Route 94 that turned out to be false. On Thursday, CHP dispatchers received a call at about 7 a.m. that indicated a small plane with three people inside ... See all stories on this topic » 10News

Soldiers charged with looting presidential plane crash site soon to be tried RAPSI The Smolensk Military Court has scheduled for April 24 the preliminary hearings in the case against four soldiers charged with looting the Polish presidential plane crash site, according to the court. Soldiers Sergei Syrov, Igor Pustovarov, Yury Sankov ... See all stories on this topic »

Russian plane crash caused by equipment failure The Associated Press MOSCOW (AP) — Investigators say equipment failure caused a Russian airliner to crash in Moscow last month, killing five people. The Russian-made Tupolev Tu-204 belonging to Red Wings airline careered off the runway at Moscow's Vnukovo airport, rolled ... See all stories on this topic »

Oracle Clarifies Cloud Computing Terminology

 
You have a choice! The Alternative to Citrix by Ericom
Citrix and VMware Backup and Monitoring Solutions Can Be Downloaded And Tested In Minutes.
Download Windows user profile migrator utility from sepago, the inventors of Citrix User Profile Manager.
eG Innovations - Request an Online Demo of eG VMware Monitoring

ControlUp – A super Console for TS and VDI providing a powerful real time performance grid with extensive management capabilities

Top 5 Free Tools for Virtualization Management. Discover why millions of IT Pros rely on SolarWinds free tools. Download now!

 
This week when Oracle rolled out what it described as an infrastructure-as-a-service (IaaS) offering, it got a lot of tongues wagging among cloud computing purists. The new offering that Oracle identified as being IaaS consists of a set of servers and appliances, including an Oracle Exadata Database Machine, Oracle Exalogic Elastic Cloud, Oracle SPARC SuperCluster, Oracle Exalytics In-Memory Machine and an Oracle Sun ZFS Storage Appliance that IT organizations can opt to deploy on premise to have additional capacity available on demand.

Technically, that capacity on demand could be made available as an extension of a private cloud. Given the fact that Oracle see that capacity as infrastructure that it is making available as part of a service, Oracle applied the IaaS moniker.

To learn more and to read the entire article at its source, please refer to the following page, Oracle Clarifies Cloud Computing Terminology

 
Related Articles
Sure Dropbox is Potentially Insecure, but Does it Matter?
Identity and access management as a cloud-based service eliminates time, pain and cost
OrionVM Enterprise Selects Mellanox InfiniBand for their Private and Public Clouds
How the Cloud Can Reduce Technical Debt
When Your Customers Won’t Move to the Cloud

Virtualization Podcasts, Splunk, Search, Monitor and Analyze Machine-Generated Data Podcast with Jason Conger

Ramco inks cloud-computing deal with Dubai's Emirates Engineering Real Time News, India India's biggest cloud computing company, Ramco Systems, has inked a deal with Dubai-based Emirates aviation group for supplying cloud-based services to its engineering group. The revenue size of the deal, involving Ramco's 'Aviation Suite' of software, ... See all stories on this topic »

The Effects of Cloud Computing on the Health Care Industry Smart Data Collective Cloud computing is now not just about uploading your files in Yahoo! Groups or Google Communities for sharing with a common group. Cloud computing today speaks of large data and resources used by enterprises. There are many businesses and ... See all stories on this topic »

Oracle Clarifies Cloud Computing Terminology DABCC.com This week when Oracle rolled out what it described as an infrastructure-as-a-service (IaaS) offering, it got a lot of tongues wagging among cloud computing purists. The new offering that Oracle identified as being IaaS consists of a set of servers and ... See all stories on this topic »

Cloud computing set to pick up pace in Oman Oman Daily Observer The concept of cloud computing works through a collection of Internet-based or private network services by providing users with scalable, abstracted IT capabilities, including software, development platforms and virtualised servers and storage. As ... See all stories on this topic »

Boosting presence of EU-based cloud providers would improve business take ... Out-Law.com The European Economic and Social Committee (EESC) said that businesses and individuals would be more likely to utilise cloud computing (CC) if their "trust" in the technology grew. It said that there is inherently less trust in using non-EU providers ... See all stories on this topic »

Chunghwa quiet on China cloud computing reports China Post TAIPEI--Taiwan's largest telecommunications company, Chunghwa Telecom Co., declined yesterday to comment on a news report in Beijing that it plans to build a cloud computing center in southern China in partnership with a Chinese telecom firm. See all stories on this topic »

Solveigh Adopts Navatar M&A CRM for Cloud Computing and Navatar Deal ... PR Newswire India (press release) NEW YORK, Jan. 22, 2013 /PRNewswire/ -- Navatar Group, a premier cloud provider for financial services, today announced that Solveigh, a prominent China focused investment bank, has deployed Navatar's M&A Cloud and Navatar Deal Connect to ... See all stories on this topic »

Gravitant Wins Two UP-START Awards at UP 2012 Cloud Computing Conference MarketWatch (press release) AUSTIN, Texas, Jan 22, 2013 (BUSINESS WIRE) -- Gravitant(R), a leader in cloud services brokerage and management for enterprises, systems integrators and cloud providers, today announced that the company won two prestigious UP-START awards at ... See all stories on this topic »

Shri Nitin Ji Gadkari President BJP seeks more time from Income Tax department for Appearance

Change|BJP President   BJP President Nitin Gadkari, who was asked by the Income Tax department to appear before it today in connection with the probe into alleged dubious investments in Purti group of companies, has sought more time to present his case.

Citing his preoccupation with party work as the reason for his inability to appear before the tax authorities, he sought fresh time, official sources said.

They said he has now been asked to appear on February one.

The sources said that two authorised representatives of Gadkari met I-T officials here and submitted a 25-page document in reply to department's question regarding his personal transactions and investments related to the Purti group of companies and few others.

Gadkari was not immediately available for comment while the BJP declined to give any reaction. Gadkari has denied allegations of any wrongdoing and said that he has resigned from the Purti Group sometime back.

The I-T department had earlier issued summons for appearance to Gadkari in the second half of this month as the taxman was probing alleged tax evasion case against him and his group of companies.

Gadkari has been asked for his personal appearance so that he can be confronted with the documents and probe conducted by the I-T in this regard in the last few months.

The department has been probing various firms that invested in Gadkari's company Purti Power and Sugar Limited (PPSL).

The department, according to sources, has allegedly found the details of almost 30 companies that have been "in transactions" with PPSL.

Income Tax raids on companies linked to Nitin Gadkari Hindustan Times Income Tax sleuths have stepped-up investigations into eight companies linked to a group BJP president Nitin Gadkari helped found in 2000. This, coming just a day before the incumbent president was set to be nominated and re-elected as the BJP ... See all stories on this topic »

Nitin Gadkari asks tax officials to excuse him from February 1 appearance NDTV New Delhi: BJP president Nitin Gadkari, inching closer to an unprecedented second term as head of his party, has asked the Income Tax department to excuse him from a scheduled appearance on February 1, according to the Press Trust of India. Mr Gadkari... See all stories on this topic » NDTV

Nitin Gadkari seeks more time from Income Tax department for appearance Economic Times NAGPUR: BJP President Nitin Gadkari, who was asked by the Income Tax department to appear before it today in connection with the probe into alleged dubious investments in Purti group ofcompanies, has sought more time to present his case. Citing his ... See all stories on this topic »

Purti Sugar Limited | Purti Power | Purti Group|Nitin gadkari | investments | Income Tax Department | Income Tax| Employment

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.

Forced Bankruptcy A Possibility For Mallya's Kingfisher Airlines Forbes The Press Trust of India reported Monday that pilots from Mumbai served Kingfisher an ultimatum to clear their back payments by January 31 or face another winding-up petition. Essentially, employees are handing Mallya and his top executive Sanjay ... See all stories on this topic »

Kingfisher pilots too threaten winding-up petition Economic Times MUMBAI: Mumbai-based pilots of grounded Kingfisher Airlines today served it an ultimatum to clear their dues by January 31 or face another winding-up petition even as the beleagured management today appealed to its Delhi-based engineers not to resort... See all stories on this topic » Economic Times

High fares, Kingfisher crisis hit domestic passenger traffic Times of India High air fare and suspension of Kingfisher services are considered to be the reason for the decline. "Domestic air fare has remained 40% to 50% higher in the second half of this year than last year. This has led to a decline in travel. The fares may ... See all stories on this topic »

Kingfisher ex-pilots send notice to mgmt over unpaid dues Moneycontrol.com 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 ... See all stories on this topic » Moneycontrol.com

Kingfisher Airlines' engineers firm on winding up petition, to send legal notice TravelBizMonitor Taking a tough stand against the airline management, engineers of Kingfisher Airlines have decided to go ahead with the winding up petition in the Delhi High Court, sources said, as per a PTI report. The engineers' association, which met in New Delhi ... See all stories on this topic »

Kingfisher Air Revival Needs $186 Million, Minister Says Bloomberg India's government is willing to support Kingfisher's efforts to restart business provided the carrier pays employees back wages in full, a Civil Aviation Ministry official, who declined to be identified citing government rules, said in New Delhi today ... See all stories on this topic »

Kingfisher Airlines jet repossession row could scare off funds: ILFC Economic Times DUBLIN: One of the world's largest leasing firms has warned India the failure of troubled carriers like Kingfisher Airlines to return airplanes when they cannot pay their bills could put the country's aviation growth at risk by scaring away new funding ... See all stories on this topic » Economic Times

ILFC Says Six Airbus A320s of Kingfisher 'Held Hostage' Bloomberg International Lease Finance Corp. is struggling to retrieve six Airbus SAS aircraft in India formerly operated by Kingfisher Airlines Ltd. (KAIR), saying it's being “held hostage” by local government authorities. The world's second-biggest aircraft ... See all stories on this topic »

The Hindu

Kingfisher needs Rs. 2000 cr for revival: SBI chief The Hindu 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 ... See all stories on this topic » The Hindu

Kingfisher needs at least 10 billion rupees to restart: Ajit Singh Reuters India 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 ... See all stories on this topic »

Ajit: Kingfisher can't fly until it clears dues Hindustan Times Kingfisher CEO Sanjay Aggarwal met aviation secretary KN Srivastava on Tuesday. The airline needs to obtain statements from creditors that they do not object to resumption of flights, Singh said. The minister said the airline did not have any concrete ... See all stories on this topic »

Govt to Kingfisher: Clear all dues before taking wing again Daily News & Analysis 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 ... See all stories on this topic »

Willing to support Kingfisher revival plan: govt source Reuters India Kingfisher, which lost its operating licence at the end of 2012 and has not flown since the start of October, is estimated to owe $2.5 billion in debt to banks, staff, vendors and others and is scrabbling to find new investors. (Reporting by Anurag ... See all stories on this topic »

Kingfisher Airlines shares up as government willing to support company Economic Times MUMBAI: Shares of Kingfisher Airlines surged higher in a weak market today on the hopes that the beleaguered airlines may be able to once again spread its wings. "The financial turbulence at Kingfisher may come to an end. The government is ready to ... See all stories on this topic »