business-india-news

Mallya battles against winding up Kingfisher

Bangalore, Sep 12 : Debt-ridden Kingfisher Airlines' beleaguered chairman Vijay Mallya is battling against aircraft lessors and financiers who moved the Karnataka High Court for winding up the company for defaulting on loans by his holding company - United Breweries Holdings Ltd.


"As the cases are in the high court and the matter is under sub judice, I will not be able to comment. Though five winding up petitions are before the company court, we are in talks with two of them for out of court settlements," Mallya told reporters on the margins of the company's 97th annual general meeting (AGM) here.

Asserting that the Rs.250 crore the holding company had deposited in the court would take care of the winding up petitions, Mallya said serious claims were only from three of the five petitioners.

"We are not in favour of winding-up as we are continuing our efforts to review the airline," Mallya said.

The consortium of 14 banks led by State Bank of India (SBI) moved the high court July 13 to recover their cumulative dues from the airline and its holding firm (UBHL) to the tune of Rs.6,203 crore.

UBHL is the guarantor for the defunct airline.

The crisis-hit airline's permit to fly was suspended in October 2012 by the Directorate General of Civil Aviation (DGCA) due to safety concerns and labour problems.

The airline accumulated losses to the tune of Rs.16,023.46 crore as of March 31, 2013 and its net worth stood at a negative Rs.12,919.81 crore.

--IANS (Posted on 13-09-2013)

business-india-news headlines

Pay outstanding salaries to pilots: High Court to Kingfisher

India's forex reserves rise to $309.44 bn

Reliance Industries sees net profit of Rs.21,984 crore in 2013-14

Wipro Q4 profit rises by 29 percent, beats analyst estimates

Trade, commerce to drive India-US ties: Narendra Modi

PepsiCo launches free talk time offer

TCS, Twitter launch app to track Indian Elections

India's software market grew at 10pc in 2013: Research

Anand Mahindra, Banmali Agrawala, Ellen Lord named USIBC directors

Sigvaris appoints NovoMed as distributor in India

AGP launches talent division

Hotel Sahara Star honoured with award

Quick Links: Goa | Munnar | Pondicherry | Free Yearly Horoscope '2014

Comments

Your e-mail:


Your Full Name:


Type verification image:
verification image, type it in the box

Message:

Back to Top