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Kingfisher Airlines NEWS -- Part 6
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HAWK21M
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PostPosted: Tue Nov 06, 2012 12:21 pm    Post subject: Reply with quote

I guess 31/12/2012 will be the D Day for KFA. make or break.
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PostPosted: Thu Nov 08, 2012 7:42 am    Post subject: Reply with quote

Another Kingfisher's Airbus A319, VT-KFJ which had been stored at DEL has been returned to her lessor, and ferried to Seletar (Singapore) today.
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PostPosted: Fri Nov 09, 2012 4:01 am    Post subject: Reply with quote

WTF? According to the Hindustan Times http://www.hindustantimes.com/business-news/WorldEconomy/Diageo-set-to-buy-stake-in-Vijay-Mallya-s-United-Spirits-report/Article1-956921.aspx,

Diageo set to buy stake in Vijay Mallya's United Spirits: report

Vijay-Mallya led UB Group is understood to have reached a deal with world's largest spirit maker Diageo for a stake sale in United Spirits. According to sources, the deal will be announced on Friday. However, the exact details such as the quantum of stake and valuation could not be ascertained.
When contacted, an UB Group spokesperson declined to comment.

According to different reports, the deal could entail Diageo picking up to 51% stake in USL which could be valued between $1 billion and $2 billion.

USL is the world's second largest spirits maker after Diageo and markets various liquor brands including Signature, Bagpiper, Antiquity, Royal Challenge, Signature in the country.

USL's sales volumes stood at Rs. 3.13 crore cases for the first quarter ended June 30.

Mallya-led United Breweries Holdings Ltd (UBHL), the promoter of USL, holds 18.03% stake as on September 30.

Bogged down by the troubles of group firm Kingfisher Airlines, Mallya has been forced to seek ways to raise funds as lenders to the carrier have refused to sanction further loans.

State Bank of India (SBI), the largest lender to the airlines, wants the airline's promoters to bring in a minimum of USD 1 billion (about Rs. 5,400 crore) from any source by month-end for its revival.

UBHL has said the company along with its subsidiaries has significant financial exposure on various counts to KFA, which has ceased to be a subsidiary with effect from February, 18, 2012 and is now an associate company.

This exposure as on March 31, 2012 included equity investment of Rs. 2,114.28 crore, loans and advances Rs. 1,048.7 crore and other receivables Rs. 209.08 crore, and corporate guarantees to banks/aircraft lessors Rs. 8,925.86 crore.
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PostPosted: Fri Nov 09, 2012 9:44 am    Post subject: Reply with quote

Now, GVK-backed Mumbai International Airport(MIAL) asked DGCA not to allow KFA to fly again till its clears its dues of Rs 23 crore.
MIAL has also sought de-recognition of KFA's seven planes parked in Mumbai.


http://timesofindia.indiatimes.com/business/india-business/Dont-let-Kingfisher-Airlines-fly-DGCA-asked/articleshow/17151471.cms
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PostPosted: Fri Nov 09, 2012 9:59 am    Post subject: Reply with quote

If the diageo deal falls in place and if they agree to put in cash to save IT then lets hope they start with a clean slate by settling whatever they owe to banks, lessors etc.
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Nimish
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PostPosted: Fri Nov 09, 2012 12:42 pm    Post subject: Reply with quote

harshwcam3 wrote:
If the diageo deal falls in place and if they agree to put in cash to save IT then lets hope they start with a clean slate by settling whatever they owe to banks, lessors etc.


Honestly, I don't see VJM taking that route. He's too much of an oaf and crook to want to do something decent or honest. I hope I'm proven wrong!
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PostPosted: Fri Nov 09, 2012 4:57 pm    Post subject: Reply with quote

Diageo - USL Deal done and dusted for 11,166 Crores. Remains to be seen if the cash is used to bail IT out, which i suspect, he will do...
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PostPosted: Fri Nov 09, 2012 5:55 pm    Post subject: Reply with quote

vikramv2 wrote:
Diageo - USL Deal done and dusted for 11,166 Crores. Remains to be seen if the cash is used to bail IT out, which i suspect, he will do...


He can in theory pay off all the debts.....start afresh with lower costs and interest rates.....flog 49% to a foreign carrier and still maintain a lot of money.

A back of a fag packet calculation:

Total money raised by selling USL: $2.25b usd
Total Kingfisher liabilities: $1.5b usd.
Leftover into Malays pocket: $750m usd

Start afresh with kingfisher

Value in a year or two: $500m usd
Start spreading stake rumours 6 months before: value increases by 25%
Total value: $625 m usd
Sell half: $312 m Usd

Total money left with Malaya: $750 m usd + $312m usd = $1b usd cash
Total assets: 44% of USL + 51% (now profitable) Kingfisher + whatever else he has with UB Group.

Not a bad deal at all.

Now I need to wake up.
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Jeh
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PostPosted: Fri Nov 09, 2012 6:42 pm    Post subject: Reply with quote

d3vski wrote:
vikramv2 wrote:
Diageo - USL Deal done and dusted for 11,166 Crores. Remains to be seen if the cash is used to bail IT out, which i suspect, he will do...


He can in theory pay off all the debts.....start afresh with lower costs and interest rates.....flog 49% to a foreign carrier and still maintain a lot of money.

A back of a fag packet calculation:

Total money raised by selling USL: $2.25b usd
Total Kingfisher liabilities: $1.5b usd.
Leftover into Malays pocket: $750m usd

Start afresh with kingfisher

Value in a year or two: $500m usd
Start spreading stake rumours 6 months before: value increases by 25%
Total value: $625 m usd
Sell half: $312 m Usd

Total money left with Malaya: $750 m usd + $312m usd = $1b usd cash
Total assets: 44% of USL + 51% (now profitable) Kingfisher + whatever else he has with UB Group.

Not a bad deal at all.

Now I need to wake up.


This from Ramesh Srivats on Twitter - Lemme understand this. Mallya made money on booze. Lost money on airlines. So, he decides to sell the booze company & continue with airlines. Very Happy
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PostPosted: Sat Nov 10, 2012 2:53 am    Post subject: Reply with quote

d3vski wrote:


A back of a fag packet calculation:

Total money raised by selling USL: $2.25b usd


I don't know. What if Diageo has actually acquired the stake by agreeing service Mallya's debts in return? That way Mallya gets a measly $750 m and nothing else.


In any case, poor Vitthal Mallya will be rolling in his grave now.
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PostPosted: Tue Nov 13, 2012 7:39 am    Post subject: Reply with quote

VT KFJ still at DEL
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Devesh
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PostPosted: Tue Nov 13, 2012 10:35 am    Post subject: Reply with quote

vikramv2 wrote:
Diageo - USL Deal done and dusted for 11,166 Crores. Remains to be seen if the cash is used to bail IT out, which i suspect, he will do...
Huh??? Where do you get this calculation?

USL is not all VJM. VJM is selling only about 13%. There is holding from UBHL as well. The 11K Cr amount also includes preferential shares and a mandatory public offer to shareholders.
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The_Goat
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PostPosted: Tue Nov 13, 2012 3:23 pm    Post subject: Reply with quote

Normally I don't wish ill of anyone, but I'll make an exception this time.


I hope this a**hole rots in hell! Why, no. I wish he is reduced to begging right here on earth!


http://timesofindia.indiatimes.com/business/india-business/Kingfisher-leaves-employees-in-the-dark-on-Diwali/articleshow/17203695.cms


Crony Capitalist Piece of s*it!
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PostPosted: Tue Nov 13, 2012 3:27 pm    Post subject: Reply with quote

The_Goat wrote:
Normally I don't wish ill of anyone, but I'll make an exception this time.


I hope this a**hole rots in hell! Why, no. I wish he is reduced to begging right here on earth!


http://timesofindia.indiatimes.com/business/india-business/Kingfisher-leaves-employees-in-the-dark-on-Diwali/articleshow/17203695.cms


Crony Capitalist Piece of s*it!


Surely they should've known they were being taken for suckers to ensure Mallya didn't have to face any trouble while he was (as it were) obliged to be in India for the race? Or is that an understandable function of their desperation and credulity?
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PostPosted: Tue Nov 13, 2012 4:52 pm    Post subject: Reply with quote

The_Goat wrote:
Normally I don't wish ill of anyone, but I'll make an exception this time.


I hope this a**hole rots in hell! Why, no. I wish he is reduced to begging right here on earth!


http://timesofindia.indiatimes.com/business/india-business/Kingfisher-leaves-employees-in-the-dark-on-Diwali/articleshow/17203695.cms


Crony Capitalist Piece of s*it!


Hang in a minute, the same article states that money hit their accounts "late last night".

This is a non story, money has been paid.
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Jeh
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PostPosted: Tue Nov 13, 2012 6:36 pm    Post subject: Reply with quote

d3vski wrote:
Hang in a minute, the same article states that money hit their accounts "late last night".

This is a non story, money has been paid.


To me, the phrase 'till late last night' implies salaries were still unpaid at the time of going to press.

And I don't understand this sentimental fascination with 'Diwali', as if paying salaries in time for this mangled, noisy mess of a festival somehow absolves the airline of past sins. You'd think any employee would much rather have a stable monthly income instead of lump sum face-saving payments just short of emotionally charged major festivals.
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PostPosted: Tue Nov 13, 2012 7:26 pm    Post subject: Reply with quote

Jeh wrote:
d3vski wrote:
Hang in a minute, the same article states that money hit their accounts "late last night".

This is a non story, money has been paid.


To me, the phrase 'till late last night' implies salaries were still unpaid at the time of going to press.

And I don't understand this sentimental fascination with 'Diwali', as if paying salaries in time for this mangled, noisy mess of a festival somehow absolves the airline of past sins. You'd think any employee would much rather have a stable monthly income instead of lump sum face-saving payments just short of emotionally charged major festivals.


Diwali is the biggest festival in India and has the same relevance as Christmas is in many Western countries. KF employees expected the salaries before Diwali so they can spend. Many employees in India get a bonus for Diwali for exactly the same reason. India may be secular, but that does not give you the right to insult the biggest festival in the country.
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PostPosted: Tue Nov 13, 2012 7:56 pm    Post subject: Reply with quote

iah87 wrote:
India may be secular, but that does not give you the right to insult the biggest festival in the country.


?!

Why? Will the festival feel bad?
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PostPosted: Tue Nov 13, 2012 8:37 pm    Post subject: Reply with quote

Jeh wrote:
iah87 wrote:
India may be secular, but that does not give you the right to insult the biggest festival in the country.


?!

Why? Will the festival feel bad?


No, but you will if you (and your family)are unable to celebrate the biggest festival in the calendar because the company you work for hasn't paid you in months!

Promising something that the employees have been waiting for months, building up their anticipation just before a major festival and then betraying them in the last minute is disgusting, downright unprofessional behaviour.

But hey, What else can we expect from That Fat Fool Rolling Eyes
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PostPosted: Wed Nov 14, 2012 1:26 am    Post subject: Reply with quote

Whether it is Diwali, Eid or Christmas, it is expected that people would ample amount of money to celebrate the day they revere so much.

Thanks for understanding.

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Jeh
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PostPosted: Wed Nov 14, 2012 2:36 am    Post subject: Reply with quote

iah87 wrote:
Diwali is the biggest festival in India and has the same relevance as Christmas is in many Western countries. KF employees expected the salaries before Diwali so they can spend. Many employees in India get a bonus for Diwali for exactly the same reason. India may be secular, but that does not give you the right to insult the biggest festival in the country.


The_Goat wrote:
No, but you will if you (and your family)are unable to celebrate the biggest festival in the calendar because the company you work for hasn't paid you in months!

Promising something that the employees have been waiting for months, building up their anticipation just before a major festival and then betraying them in the last minute is disgusting, downright unprofessional behaviour.

But hey, What else can we expect from That Fat Fool Rolling Eyes


The subtext of what I said with regard to the Kingfisher situation was that the lying slimeballs who run the airline have frequently 'promised' to pay salaries over the past year and almost never made good on it. By now, we've grown accustomed to recognising these promises for the dishonest diversions they really are.

Yet suddenly they dream up a new fib, this time involving the totemic word "Diwali", and suddenly everyone on here thinks they've just had a change of heart and will pay all outstanding dues plus a decade's advance salaries, or whatever it was they came up with. Ordinarily, such a promise would set the "BS" alarm-bells ringing in everyone's heads given KF's track record of dependable dishonesty and the duress under which this promise was extracted (possible embarrassment to Mallya at the Indian GP).

They've failed to pay salaries in 2012 during the respective periods of Navratri/Dussehra/Durga Puja, Ganesh Chaturthi, Holi, Gokulashtami, Easter, Onam, all of Ramadan (and therefore Eid al-Fitr too), Buddha Purnima, Gudi Padwa, Raksha Bandhan, Eid al-Adha, Mahavir Jayanti, Navroze and Baisakhi.

What made you think they'd pay up for Diwali?

Aseem wrote:
Whether it is Diwali, Eid or Christmas, it is expected that people would ample amount of money to celebrate the day they revere so much.

Thanks for understanding.

VT-ASJ


Well, let me put it this way. I was born into (and have now grown out of) the grand majority religion where this singularly annoying festival originates, so it's hardly politically incorrect for me to dislike it to begin with - not that it would matter otherwise, but it apparently does to some people on here. I don't see why this is controversial; I'm not constitutionally obliged to like every festival going around. I don't care much for Holi either, in case iah87 is still around to take offence.
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PostPosted: Wed Nov 14, 2012 2:49 am    Post subject: Reply with quote

Well Diwali or no Diwali, KF is back to its original trick.

http://timesofindia.indiatimes.com/business/india-business/Kingfisher-Airlines-goes-back-on-promise-to-pay-staffers-salary-dues/articleshow/17210015.cms
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PostPosted: Wed Nov 14, 2012 4:49 am    Post subject: Reply with quote

[quote="Jeh"][quote="iah87"]India may be secular, but [b]that does not give you the right to insult the biggest festival in the country[/b].[/quote]

?!

Why? Will the festival feel bad?[/quote]

You know you can give someone the benefit of the doubt once. But this is just being a douchebag!

For whatever reason if you do not celebrate Diwali don't but do not dare to belittle Diwali for a great majority of us.
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Jeh
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PostPosted: Wed Nov 14, 2012 5:10 am    Post subject: Reply with quote

iah87 wrote:
that does not give you the right to insult the biggest festival in the country.


Manny wrote:
this is just being a douchebag! do not dare to belittle Diwali for a great majority of us .


Crikey, more religious fundamentalists here than I expected. Look, I would argue this but I'm suddenly struck by the futility of debating any further the merits of a festival, on an aviation forum, with a bunch of creepily authoritarian and compulsively rude people I barely know.

Back to the aviation, then Smile
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PostPosted: Wed Nov 14, 2012 6:20 am    Post subject: Reply with quote

Let me dig in here...
I didn't get a sense that Jeh was belittling Deewali, the noisy part of Deewali is what I am assuming he was compalining about.

Now can someone tell me when the uncontrolled use of fire crackers became part of Deewali celebrations?

If someone really has facts and figures to prove that there were sounds associated with Deewali celebration since pre-historic times, then I wonder what was the origin of those massive sound bites?

I can only imagine massive dinosaur farts in quick succession......

If you take the crackers out of Deewali, to me it's the best celebrations we have as Indians!
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PostPosted: Wed Nov 14, 2012 7:36 am    Post subject: Reply with quote

PAL@YWG wrote:
Let me dig in here...
I didn't get a sense that Jeh was belittling Deewali, the noisy part of Deewali is what I am assuming he was compalining about.

Now can someone tell me when the uncontrolled use of fire crackers became part of Deewali celebrations?

If someone really has facts and figures to prove that there were sounds associated with Deewali celebration since pre-historic times, then I wonder what was the origin of those massive sound bites?

I can only imagine massive dinosaur farts in quick succession......

If you take the crackers out of Deewali, to me it's the best celebrations we have as Indians!


Thank you!. My thoughts exactly. Smile
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PostPosted: Wed Nov 14, 2012 12:13 pm    Post subject: Reply with quote

So have the wages been paid or not? And if not, does this mean the employees go back on strike?
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PostPosted: Wed Nov 14, 2012 7:49 pm    Post subject: Reply with quote

Jeh wrote:
iah87 wrote:
that does not give you the right to insult the biggest festival in the country.


Manny wrote:
this is just being a douchebag! do not dare to belittle Diwali for a great majority of us .


Crikey, more religious fundamentalists here than I expected. Look, I would argue this but I'm suddenly struck by the futility of debating any further the merits of a festival, on an aviation forum, with a bunch of creepily authoritarian and compulsively rude people I barely know.

Back to the aviation, then Smile


You brought up this topic not us. Defending the biggest festival in India and for others living worldwide does not make us fundamentalists. Fireworks are going to be noisy, live and let live. Yes it is futile to debate this in this forum. Best to stick to aviation topics in the future.
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PostPosted: Thu Nov 15, 2012 3:22 am    Post subject: Reply with quote

Jeh wrote:
iah87 wrote:
that does not give you the right to insult the biggest festival in the country.


Manny wrote:
this is just being a douchebag! do not dare to belittle Diwali for a great majority of us .


Crikey, more religious fundamentalists here than I expected. Look, I would argue this but I'm suddenly struck by the futility of debating any further the merits of a festival, on an aviation forum, with a bunch of creepily authoritarian and compulsively rude people I barely know.

Back to the aviation, then Smile


Don't double down on you douchiness.

Follow your own advice and stick to avaiation.
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PostPosted: Thu Nov 15, 2012 3:35 am    Post subject: Reply with quote

Manny wrote:
Don't double down on you douchiness.

Follow your own advice and stick to avaiation.


@Mods what on earth is going on? I'm trying to make a point about the recent context of Kingfisher's salary payments while these two loose cannons pounce on minor irrelevant remarks from an old post to milk their contrived outrage about how I don't see cultural events the way they do.

I've now been called a 'douchebag' by one of them and ordered not to say anything henceforth that contradicts their 'majority' view of things, yet apparently the forum rules on unwarranted personal abuse don't seem to apply. I'm making a valiant effort not to rise to the bait here and get into an off-topic slanging match but this is getting ridiculous now.
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PostPosted: Thu Nov 15, 2012 10:48 am    Post subject: Reply with quote

To all the honourable members posting on this thread

Please do take a moment to remember the following

1 The ordinary employee in KF is not responsible for the financial mess.
2 Many of the employees are in semi - specialist posts. They have been in the industry for so long that it is not easy to switch to a generalist position.
3 Despite the crisis, most employees continued to give their very best. The trip reports in this forum is the best evidence of that. Compare that with what happens in US or Europe.
4 WIth market conditons being so depressed, for some people, there are just no jobs to be had . People are willing to work at 1/3 the salary and still no offers.
5 DO NOT underestimate the strain on the families and kindly do respect the impact on families when some of you go around maligning KF employees,even inadvertently in this thread and elsewhere in these forums.
6 Financial crisis has only recently hit India's avation sector unlike in US where bankruptcy and layoffs have been around for a couple of decades if not more. Many employees and their families are still struggling to adjust.

The strain of when your salary is going to come if at all, the tensions of unpaid bills, the responses or lack of it from the applications you send out looking out for other jobs. the creditors knocking at your door all the time, the loss of face for your family including your young children some of whom have been taunted and ridiculed (especially when the crisis stuck first an year back when the media was full of stories day in day out), these can only be fully understood if it is experienced personally or you are directly involved.

There is nothing which prevents all of you from being arm chair critics but a little sensivitivty from all will never be out of place.
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PostPosted: Thu Nov 15, 2012 12:06 pm    Post subject: Reply with quote

PAL@YWG wrote:
Let me dig in here...
I didn't get a sense that Jeh was belittling Deewali, the noisy part of Deewali is what I am assuming he was compalining about.

Now can someone tell me when the uncontrolled use of fire crackers became part of Deewali celebrations?

If someone really has facts and figures to prove that there were sounds associated with Deewali celebration since pre-historic times, then I wonder what was the origin of those massive sound bites?

I can only imagine massive dinosaur farts in quick succession......

If you take the crackers out of Deewali, to me it's the best celebrations we have as Indians!


I too interpret Jeh's statement similarly. I see him upset of the noise and not the festival.

And yes anything in moderation is good, with the deafening noises of crackers in Mumbai/Pune; it is less of a celebration and more of a torture.
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PostPosted: Thu Nov 15, 2012 12:30 pm    Post subject: Reply with quote

avbuff wrote:
I too interpret Jeh's statement similarly. I see him upset of the noise and not the festival.

And yes anything in moderation is good, with the deafening noises of crackers in Mumbai/Pune; it is less of a celebration and more of a torture.


Absolutely. From what I recall of his last stint here a couple of years ago, Jeh spouted off a lot, usually defending Air India, but this time he's spot on.

Truth is, the way Diwali and many other festivals and events are "celebrated" is nothing short of a menace. And many of the methods of "celebrating" today have no religious or historical connection, one will find (eg Ganpati).

Whether it's Diwali or Moharram or Ganpati or weddings or bloody Amitabh darshan, the situation today is largely a result of the attitude that permeates the whole country : I'll do what I want, everyone else can suck it. There's hardly ever a thought to the world around oneself, be it in celebrating or driving or littering, parking or stopping or construction, or urinating or talking on the phone...

With the only notable exceptions of Christmas and Dandiya, it gets worse and worse every year. And it seems the sole reason for increasing the intensity of the "celebrations" is plain khunnas.

Yes, we have freedom of religion in this country. Thank God for that. I wish we also had freedom from religion.

I'm all for letting people mark occasions they way they want; I do wish it were done in private, rather than forcing everyone around to endure.

As for Kingfisher and the Fat One's promises, I have to go with the opinion that it's better to get paid every month so that one can buy bread and milk for one's family, rather than to get a lumpsum at Diwali or Christmas or Valentine's or whenever.
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Nimish
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PostPosted: Thu Nov 15, 2012 5:10 pm    Post subject: Reply with quote

Jeh wrote:
Manny wrote:
Don't double down on you douchiness.

Follow your own advice and stick to avaiation.


@Mods what on earth is going on? I'm trying to make a point about the recent context of Kingfisher's salary payments while these two loose cannons pounce on minor irrelevant remarks from an old post to milk their contrived outrage about how I don't see cultural events the way they do.

I've now been called a 'douchebag' by one of them and ordered not to say anything henceforth that contradicts their 'majority' view of things, yet apparently the forum rules on unwarranted personal abuse don't seem to apply. I'm making a valiant effort not to rise to the bait here and get into an off-topic slanging match but this is getting ridiculous now.


Gentlemen - can we please stick to the topic at hand?

Jeh - your reference to Diwali as a "Mangled, noisy mess of a festival" was uncalled for IMHO as it did not add any value at all to the discussion at hand. The focus on this forum is aviation and let's keep it at that. Possibly start a discussion in Non-Av on religion and the way it's messed up. Or on an alternate forum focused on such threads.

And Manny, you are to PM the mods if you'd like to complain about something, do NOT retaliate/ call names.

The mods will delete irrelevant posts and/or lock this thread if it violates the forum rules.
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Jeh
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PostPosted: Fri Nov 16, 2012 4:37 am    Post subject: Reply with quote

Nimish wrote:
Gentlemen - can we please stick to the topic at hand?

Jeh - your reference to Diwali as a "Mangled, noisy mess of a festival" was uncalled for IMHO as it did not add any value at all to the discussion at hand. The focus on this forum is aviation and let's keep it at that. Possibly start a discussion in Non-Av on religion and the way it's messed up. Or on an alternate forum focused on such threads.

And Manny, you are to PM the mods if you'd like to complain about something, do NOT retaliate/ call names.

The mods will delete irrelevant posts and/or lock this thread if it violates the forum rules.


A fair point, Nimish. I made what I considered an off-the-cuff cultural/social observation on what Diwali has been reduced to, you disagree with the tone of my conclusions, and we move on and I choose my words more carefully because you've made your point calmly enough.

I didn't see the need for name-calling and don't-you-dare-criticise-my-festival intimidation over what was really a very minor and irrelevant part of a post - which I'm glad you agree with.
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Jeh
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PostPosted: Fri Nov 16, 2012 4:48 am    Post subject: Reply with quote

jasepl wrote:
From what I recall of his last stint here a couple of years ago, Jeh spouted off a lot, usually defending Air India.


You don't say Razz

jasepl wrote:
As for Kingfisher and the Fat One's promises, I have to go with the opinion that it's better to get paid every month so that one can buy bread and milk for one's family, rather than to get a lumpsum at Diwali or Christmas or Valentine's or whenever.


Back to the topic, does this headline imply they will miss the Dec 31 deadline? Those of us discussing the salary issue will find the May salaries have still not come in.

Kingfisher Airlines seeks more time to submit revival plan to DGCA: sources

The beleaguered carrier has written a letter to Civil Aviation Secretary K N Shrivastava seeking more time to submit its plan to get the suspension of its flying permit revoked, sources said.

In a letter, the liquor baron Vijay Mallya-owned airline is understood to have said it was holding discussions with all stakeholders, including the Airports Authority of India, and its lenders as it had earlier promised to the Directorate General of Civil Aviation.

The letter came a day after its employees threatened to chalk out an action plan next week if they did not receive their May salaries by November 17. Employees' sources said they had not received the dues even today.

The communication also came in the backdrop of airport operators asking the DGCA to keep on hold the renewal of Kingfisher's license until their dues are cleared.

While no timeframe has been set for the debt-ridden airline to submit a comprehensive financial and operational revival plan, its flying license or scheduled operator's permit (SOP), which is suspended now, is slated to expire in any case on December 31 this year.

DGCA had suspended Kingfisher's SOP on October 19 till further orders after a lockout and its failure to come up with a viable plan of financial and operational revival. It had charged the airline with failing to run "safe, efficient and reliable operations."

The lockout was lifted on October 25 following an assurance by Kingfisher CEO Sanjay Aggarwal that three months’ dues would be cleared in a staggered manner before Diwali.

The management had brokered peace with the striking employees on the eve of the Indian Grand Prix late last month in Greater Noida, in which Mallya was involved. The employees had threatened to disrupt the premier motor racing event.

The bankers of Kingfisher have also warned the airline to arrange for more capital by November 30, though Mallya has denied any deadline issued by the lenders to his company.
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luvleen
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PostPosted: Sat Nov 17, 2012 1:08 am    Post subject: Reply with quote

Kingfisher Airlines pleads with govt to restart operations

http://economictimes.indiatimes.com/news/news-by-industry/transportation/airlines-/-aviation/kingfisher-airlines-pleads-with-govt-to-restart-operations/articleshow/17238617.cms

As strict as it may sound, I agree that IT should not be allowed to restart its operations until all or at least a huge chunk (70-80% maybe?) of the dues are cleared.. Everyone knows how it has promised to pay its employees in the past but has rarely stuck to it.. I doubt they will stick to their promises to DGCA/AAI etc either if allowed to restart operations..
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HAWK21M
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PostPosted: Sat Nov 17, 2012 3:49 pm    Post subject: Reply with quote

Heard the may salaries have been paid as on date...delayed by a few days from its promise.....still things seem tough.
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Nimish
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PostPosted: Sat Nov 17, 2012 7:18 pm    Post subject: Reply with quote

Now that the fat one has got some liquidity, why does he have to plead? Surely paying off all the sundry dues is all that's needed, the license will be auto-enabled. Sounds like he's pleading to let the airline start without doing anything about paying off his debtors - in which case I hope that the MoCA takes a firm stand and blocks his stupidity.
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Nimish
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PostPosted: Sun Nov 18, 2012 12:11 pm    Post subject: Reply with quote

All,

Nimish wrote:
The mods will delete irrelevant posts and/or lock this thread if it violates the forum rules.


I have just deleted 2 posts on this thread, and will continue to do so. Any complaints - please PM the mods - don't turn the threads into a mud-slinging match.
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