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Jaysit · Member Joined: 19 Dec 2006 Posts: 4346

They're de facto dead at this point.

Mallya may as well pack up his bags, board his A319 and flee to some tinpot banana republic. I hear that Zimbabwe's taking applications.

ameya · Posted: Tue Oct 16, 2012 9:35 am Post subject:

VJM might as well do a BLR Monaco on his A319 and settle there...

Employees, after not being paid for last 7 months are in for another shock, this time from the IT department which is sending them notices for TDS not being depsited.

This has come as a rude shock and indeed is a cruel joke

Nimish · Posted: Tue Oct 16, 2012 10:35 am Post subject:

^^ This is indeed an irony and typical of Indian taxation laws. You're liable to pay the taxes even if you've not yet received the actual salary! Not sure how it's done in other parts of the world.
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ameya · Posted: Tue Oct 16, 2012 10:58 am Post subject:

No this is something different.

Employee got salary with the slip which says x amount of TDS cut

Employee while filing returns fills it saying x amount TDS already taken and this is the remaining tax as the case may be

Then Income tax says, the x amount which you have claimed has been filed as TDS is not there with us so your filing is wrong.

Thats when employee realises that KF is only taking money from him and telling him its cut as TDS but not depositing it to the income tax office

patkini · Member Joined: 27 Oct 2007 Posts: 313 Location: BOM

I believe the IT dept is asking for dues for FY 11, which are essentially system generated notices sent out when there is a difference between Returns filed & the actual TDS collected.

The IT Dept officials seem to be stating in the ET article that they could be "lenient" on a case to case basis (though how they would decide these cases is a different story altogether). On an interim basis, I hope the emps are allowed to produce copies of their pay slips to get some leeway from the IT authorities & ensure the blame is squarely on the KF mgmt, though its pretty clear who the "real defaulter" is!

As per the attached doc on TDS norms, I quote the following paragraph where by the pay slips can help get some leeway, though would like to hear some CAs views on the same:

http://www.incometaxindia.gov.in/Archive/Tax_Deduction_at_source_18062012.pdf

747-237 · Posted: Tue Oct 16, 2012 11:13 am Post subject:

A report in Mint says one way out for the government in the Kingfisher imbroglio is to wait until 31 December when the licence will come up before the regulator DGCA for renewal.

This will be a less “acrimonious” route, said the report quoting an expert.

http://www.firstpost.com/business/will-govt-wait-until-dec-to-act-on-kingfisher-licence-492041.html
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sri_bom · Member Joined: 22 Dec 2006 Posts: 2365 Location: Singapore

Indian Ministry of Civil Aviation asks DGCA to examine implications of suspending Kingfisher

16-Oct-2012 10:35 AM
India's Ministry of Civil Aviation requested the Directorate General of Civil Aviation (DGCA) examine the legal implications of cancelling or suspending Kingfisher Airlines’ operating licence (livemint.com, 15-Oct-2012). Indian authorities are reportedly waiting until the carrier has replied to the DGCA’s show-cause notice before deciding on what action to take in relation to the airline.

747-237 · Posted: Tue Oct 16, 2012 7:50 pm Post subject:

Kingfisher's Airbus A319, VT-KFH which had been stored at DEL has been returned to her lessor, and ferried to SAW today.
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iah87 · Member Joined: 17 Apr 2007 Posts: 2567

desiguy2447 · Member Joined: 23 Feb 2007 Posts: 37

After finding this article on Gulf News online today.

I wonder if Kingfisher is working out something with Eithad. After Jet airways and Eithad couldn't agree on the value of Jet airways last week.

http://gulfnews.com/business/aviation/etihad-not-interested-in-majority-ownership-ceo-says-1.1090176

"All the Indian carriers have approached us and we continue to evaluate the impact of FDI [Foreign Direct Investment],” Hogan told reporters Tuesday on the sidelines of a conference in Abu Dhabi."

ameya · Posted: Wed Oct 17, 2012 9:20 am Post subject:

Read some reports this morning saying that KF CEO had gone to meet AAI director to request AAI to release an A320 which is in MAA and being repossessed by the lessor.

AAI boss has informed him that they need to deposit 15Cr immediately to let the bird go and have a bank guarentee before flying again

Nimish · Posted: Wed Oct 17, 2012 9:54 am Post subject:

^^ Good to hear that AAI is taking it's dues seriously
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The_Goat · Posted: Wed Oct 17, 2012 12:33 pm Post subject:

HAWK21M · Posted: Wed Oct 17, 2012 12:40 pm Post subject:

I wonder who believes KF can get back to flying and profits.....be realistic folks ........VJM needs to close down and restart at a later date if possible.
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d3vski · Posted: Wed Oct 17, 2012 1:43 pm Post subject:

ameya · Posted: Wed Oct 17, 2012 2:26 pm Post subject:

d3vski · Posted: Wed Oct 17, 2012 3:12 pm Post subject:

The_Goat · Posted: Wed Oct 17, 2012 3:24 pm Post subject:

747-237 · Posted: Wed Oct 17, 2012 3:33 pm Post subject:

Kingfisher brings in former AI boss to negotiate with staff

Cash-strapped Kingfisher Airlines Ltd has brought in former chairman and managing director of Air India Ltd and current vice-chairman of UB Group, Subhash R. Gupte, to pacify its striking employees, said two people aware of the developments requesting anonoymity.

http://www.livemint.com/Companies/lRMyvuq9o2znWBYQUXlIyL/Kingfisher-brings-in-former-AI-boss-to-negotiate-with-staff.html
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iah87 · Member Joined: 17 Apr 2007 Posts: 2567

http://www.firstpost.com/business/no-arrest-for-mallya-as-kfa-settles-gmr-dues-494240.html?utm_source=ibnlive.com&utm_medium=RHS-Widget

It appears that GMR has agreed to withdraw the case against VJM as KF appears to have settled the dues.

sri_bom · Member Joined: 22 Dec 2006 Posts: 2365 Location: Singapore

Indian Civil Aviation Minister confirms Kingfisher Airlines still faces loss of licence

18-Oct-2012 12:34 PM

India's Civil Aviation Minister Ajit Singh confirmed Kingfisher Airlines' operating licence could be revoked unless the carrier can display it can viably resume operations, pay employee salaries and settle other dues (CNBC-TV18, 17-Oct-2012). The Indian Directorate General of Civil Aviation has failed to approve the carrier’s schedule for winter 2012.

sri_bom · Member Joined: 22 Dec 2006 Posts: 2365 Location: Singapore

Kingfisher Airlines winter schedule not approved by Indian DGCA

18-Oct-2012 12:28 PM

India's Directorate General of Civil Aviation (DGCA) confirmed Kingfisher Airlines’ schedule for winter 2012/2013 has not been approved (IANS, 17-Oct-2012). The carrier has yet to respond to a DGCA show-cause notice as to why it should not have its operating licence revoked. The carrier has until 20-Oct-2012 to respond. Overall, the DGCA reported Indian airlines will operate 19% less flights in winter 2012 than in the previous period.

747-237 · Posted: Thu Oct 18, 2012 8:55 pm Post subject:

Kingfisher to lose flying permit if it doesn't respond to showcause by October 19: Aviation ministry

"Tomorrow is the last day they have to respond to the show cause notice sent to them (Kingfisher Airlines) by the DGCA. If they don't do so, we wont give them any extra time and their license may be suspended," a senior official from the civil aviation ministry told ET

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-to-lose-flying-permit-if-it-doesnt-respond-to-showcause-by-october-19-aviation-ministry/articleshow/16865726.cms
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747-237 · Posted: Fri Oct 19, 2012 7:00 am Post subject:

Kingfisher Airlines extends lockout until 5 November

The government may take a call on suspending the carrier’s flying licence on Friday or Saturday

“All ticket sales have been stopped till 5 November,”

http://www.livemint.com/Companies/jcWy0XQYOBCTjWab5HFsMM/Kingfisher-Airlines-extends-lockout-until-5-November.html
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HAWK21M · Posted: Fri Oct 19, 2012 1:01 pm Post subject:

Stretching to reach the shore.............but the shore has moved further away........VJM WAKE UP.
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747-237 · Posted: Fri Oct 19, 2012 8:14 pm Post subject:

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-license-suspension-is-imminent-dgca-sources/articleshow/16879626.cms

Kingfisher Airlines license suspension is imminent: DGCA sources

Kingfisher Airlinesfinally responded to a show cause notice from the DGCA on Friday, the day the deadline for its response ends.

The regulator found the response "very unconvincing." Sources in the DGCA say the response does not seriously detail any rescue plan. "It includes no plan to clear salary dues, no plans to recapitalise the debt-laden airline," a source said. The airline has also not submitted any schedule.

Sources say the license suspension is imminent. Meanwhile, the airline has suspended ticket sales till November 5.
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luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

abhijith16 · Posted: Sat Oct 20, 2012 2:19 pm Post subject:

HT shows KINGFISHER LICENSE SUSPENDED!

RIP Kingfisher Airlines (12 May 2005-20 October 2012)
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luvleen · Member Joined: 02 Jul 2012 Posts: 179 Location: Bombay

Yes it is confirmed. DGCA has suspended the license. And the striking staffers are surprised. Hahahahhahahahahaha.. Did they expect that DGCA would allow an airline which cannot fly because it's employees are not reporting to work to hold on to its license?

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-staffers-shocked-over-license-suspension/articleshow/16890788.cms

747-237 · Posted: Sun Oct 21, 2012 7:17 am Post subject:

Mallya's private plane will continue to fly

The airline's licence may have been suspended, but Kingfisher promoter Vijay Mallya will still continue to globetrot in his personal Airbus Corporate Jet (ACJ) which is registered after his name as VT-VJM. He had two flying licences, a schedule operator permit for Kingfisher Airlines, which is now suspended, and a non schedule operator permit under which his super luxury 22-seater Airbus A-319 ACJ flies.

Since the latter is still valid, Mallya is unlikely to be seen in commercial flights of rival airlines. A senior airline commander said a set of six pilots and about four airhostesses is maintained for the ACJ.

While Kingfisher pilots and other employees have not been paid since March, the personnel for Mallya's personal plane are learnt to have been paid regularly or at least the $-250 daily allowance they get when abroad with the chairman. "Recently some other airline pilots had a fight with the exclusive group which flies VT-VJM over why are they flying when their colleagues aren't? The latter replied that even if the airline is shut down, they will have their job as the personal aircraft would still be needed for UB Group top brass and the chairman," said a pilot.

http://timesofindia.indiatimes.com/business/india-business/Kingfisher-Airlines-debacle-Mallya-abroad-son-hunts-for-calendar-girls-employees-in-lurch/articleshow/16897940.cms
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ameya · Posted: Sun Oct 21, 2012 2:14 pm Post subject:

Apparently, the owner is still in talks with 2 entitites, both airlines and they are working out a deal.

It would be more like a 49% stake + management control and repaying over 70% debt in return

HAWK21M · Posted: Sun Oct 21, 2012 4:01 pm Post subject:

747-237 · Posted: Mon Oct 22, 2012 6:46 am Post subject:

"One aircraft has already been shifted to a grass field at Chennai airport. We have locked the hangars and will not allow KFA to take away anything from the hangars. Two more hangars are with the airline and after a while we will vacate them too so that they can be rented out to others. The aircraft won't be allowed to be repossessed by lessors unless we get about Rs 15 crore per plane," said a senior official of AAI, whom KFA owes close to Rs 300 crore.

Sources hinted that legal options are being studied to examine if airline promoter Vijay Mallya's personal aircraft, an Airbus A-319 corporate jet, could be seized too when it lands at an Indian airport.

http://timesofindia.indiatimes.com/business/india-business/Airports-Authority-of-India-wont-let-lessors-take-Kingfisher-Airlines-planes/articleshow/16909039.cms
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747-237 · Posted: Mon Oct 22, 2012 2:50 pm Post subject:

http://www.moneycontrol.com/news/business/over-15-kingfisher-airlines-planes-not-fit-to-fly-sources_772019.html

Over 15 Kingfisher Airlines planes not fit to fly: Sources

Oct 22, 2012

In fresh trouble for cash strapped Kingfisher Airlines, at least 15 planes leased to them have been stripped clean, the leasing company sources told CNN-IBN. The 15 aircraft have been stripped of crucial parts at various airports and have been declared not fit to fly.

Sources said that inspection of two aircraft in New Delhi found the passenger and cockpit interiors cleaned out. Airport authorities refused to take away aircraft till all dues are paid. Just seven Kingfisher aircraft are currently fit to fly.
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desiguy2447 · Member Joined: 23 Feb 2007 Posts: 37

VM has something going on with Kingfisher for which I suspect as stated the two airlines in talks with Kingfisher will get 49% and management control of the company.

I also have a feeling the Government of India would not allow Kingfisher to go under as to the amount of unemployed people that would be with out a job.

Once all this is sorted out the License will be given back, and Kingfisher will fly again this time with people who know how to run an airline!

con spirito · Member Joined: 07 Apr 2007 Posts: 577 Location: Inflight

Aseem · Member Joined: 15 Dec 2006 Posts: 2841 Location: YYZ

Was listening to CNN-IBN discussion on the state of KF. They quote that even the leased planes have been salvaged. You are not supposed to have your leased car fixed by roadside mechanic, how were they allowed to salvage a leased plane.

rgds
VT-ASJ
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Jaysit · Member Joined: 19 Dec 2006 Posts: 4346

Jaysit · Member Joined: 19 Dec 2006 Posts: 4346

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-debacle-mallya-abroad-son-hunts-for-calendar-girls-employees-in-lurch/articleshow/16898928.cms

According to the ETimes, Mallya's in South Korea watching his grand prix team do whatever it does (lose money, perhaps), while his obnoxious brat of a son is in London tweeting away like a twit about the 2013 KF Calendar.

People in the US whine about how distant and clueless the top 1% in our country are, but India's top 0.01% make our 1% look like Buddhist monks in comparison.

iah87 · Member Joined: 17 Apr 2007 Posts: 2567

http://www.dnaindia.com/money/report_striking-employees-reject-kingfisher-3-month-salary-formula_1755449

Why are they bickering about salaries when the airline will most likely never fly again. The employees and the management are perhaps blissfully unaware that the license has been suspended, many of the aircraft are under impoundment with AAI (only 7 are supposed to be operational) and even if it takes off, how many would book this airline.

Also I saw the news reports that there are 4000+ employees - this many for an airline with just 7 aircraft ?