Mumbai: Banks will continue to sell pledged shares of Kingfisher Airline and invoke all other securities till they get back the dues, SBI Chairman Pratip Chaudhuri said on Tuesday. State Bank of India is the leader of consortium of lenders to grounded airline Kingfisher.
"We have given instructions to recover and enforce all the securities. Our intention is to sell everything...all means of recovery (will be employed)...nothing would escape. Till such time as we will get back our dues in full, we will press our full recourse on all the securities that we possess," he told reporters in Mumbai.
It may be noted that airline promoters had unsuccessfully asked the Bombay High Court to prevent the banks from selling pledged shares. When asked about the Rs 11,000-crore Diageo-USL deal--which reportedly was the reason why the KFA management approached the court-- and if that will prevent banks from enforcing other actions, Chaudhuri replied in the negative.
Kingfisher promoter Vijay Mallya had signed a deal with the UK's Diageo to sell his controlling stake in United Spirits Ltd (USL). Diageo will also pick up another 26 per cent through mandatory open offer....
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10:16 PM, Apr 16, 2013
New Delhi: After remaining grounded for over six months, Kingfisher Airlines on Wednesday sought regulatory approvals to relaunch its operations and submitted plans to the DGCA on infusion of funds and revival of its flights. "We have shared the funding and traffic plans. The initial funding to restart the airline will come from the (parent UB) Group. We have also requested that our (flying) licence be renewed," the airline's CEO...
06:27 PM, Apr 10, 2013
New Delhi: Two days before the season six of the Indian Premier League begins, Kingfisher airlines employees have planned to stage a protest on Monday. Many of them are planning to hold a protest outside the Delhi residence of cricketer Virat Kohli. Kohli is the captain of the Bangalore Royal Challengers, a team owned by Kingfisher Chairman Vijay Mallya. Employees claim they haven't been paid their salaries for over 10...
12:58 PM, Apr 01, 2013
The Supreme Court has dismissed a petition filed by Kingfisher Airlines challenging the Karnataka High Court order directing it to pay over Rs 350 crores of tax deducted at source (TDS). The company contended in its petition that the amount due is much less than the demand made by the IT Department and the department had not given it a proper opportunity to hear its case. ...
03:02 PM, Mar 08, 2013
India will make it easier for leasing and finance firms to reclaim planes used by Kingfisher Airlines, two government sources told Reuters, after complaints that India was complicating the process. ...
04:28 AM, Mar 06, 2013
The government said it will give away Kingfisher Airlines' slots and foreign flying rights to other operators in the latest blow to the grounded carrier. Kingfisher, controlled by liquor baron Vijay Mallya, has been halted due to a cash crunch, and lenders are trying to recover $1.4 billion of loans in default. ...
09:49 AM, Feb 26, 2013
Government lender State Bank of India (SBI) on Monday said its increased non-performing assets (NPA) are due to its exposure to iron, steel and textile sectors while recovering the dues from Kingfisher Airlines will be a protracted legal affair. ...
03:21 AM, Feb 19, 2013
UB Group, the parent of debt-laden Kingfisher Airlines, said it was in talks with lenders to the carrier to cut their exposure by using proceeds from a stake sale in a group company to Diageo Plc. ...
02:03 PM, Feb 15, 2013
Kingfisher lenders hope to recover up to Rs 1,000 crore of their dues by monetising the securities in the March quarter itself, a senior official of SBI said on Thursday. "That (selling the securities given as collaterals) is the plan," Shyamal Acharya, SBI Deputy Managing Director (Mid-Corporates Accounts), said at the bank's December earnings press conference in Mumbai. ...
02:58 AM, Feb 15, 2013
Kingfisher lenders on Tuesday finally decided to start the recovery process for Rs 7,500-crore loans given to the grounded airline, a top official of State Bank of India said. ...
10:17 PM, Feb 12, 2013
Kingfisher lenders will give all chances to the grounded airline to restart operation even as bankers are concerned over their outstanding dues, SBI Chairman Pratip Chaudhuri said on Monday. The chief of State Bank of India, which heads the 17-member lenders' consortium, also said, "We don't give up hope till they say no." ...
03:21 AM, Feb 12, 2013
With the revival plan of grounded Kingfisher Airlines getting nowhere, its lead lender State Bank on Saturday said the creditors will meet in a fortnight to decide the future course of action to secure their money even as the airline chairman Vijay Mallya met employees to reassure them of the plan. ...
03:40 AM, Feb 10, 2013
Kingfisher Airlines(KING.NS) needs at least 10 billion rupees to restart its grounded operations and must also demonstrate an ability to sustain itself for at least 6 months, Civil Aviation Minister Ajit Singh said on Tuesday. ...
01:59 AM, Jan 23, 2013
Mumbai-based pilots of grounded Kingfisher Airlines on Monday served it an ultimatum to clear their dues by January 31 or face another winding-up petition even as the beleagured management on Monday appealed to its Delhi-based engineers not to resort to any legal action. ...
04:42 AM, Jan 22, 2013
Former Kingfisher Airlines pilots have sent a legal notice to the management seeking compensation for mental harassment and salary dues, according to sources. The management has been given a period of 21 days to comply with the notice. ...
11:43 AM, Jan 21, 2013
A meeting between the core lenders group and the grounded Kingfisher Airlines, which is trying to resume operations by February, ended inconclusively in Mumbai on Friday evening, as the airline failed to table a concrete revival plan. ...
09:27 PM, Jan 18, 2013
Kingisher Airlines' planned investment of Rs 650 crore is not enough to restart operations at the grounded Indian carrier, a senior government source said on Friday. ...
11:42 AM, Jan 11, 2013
Beleaguered Kingfisher Airlines on Wednesday faced fresh trouble with its employees deciding to move court seeking a formal closure of the company if it did not spell out future plans giving a time-line for clearing their salary dues of eight months. ...
05:32 PM, Jan 09, 2013
Kingfisher lenders will soon decide on future course of action with regard to the grounded airline as they do not want the company to close down, State Bank of India (SBI) said on Monday. "The representatives met in Bangalore ... the plan for action the consortium is deciding. We don't want to put a lock on the company's office," the Chairman of SBI, lead lender to Kingfisher, Pratip Chaudhuri said...
05:30 AM, Jan 08, 2013
Kingfisher Airlines said expiration of its operating licenses, set for Monday, was not a cause for concern as the grounded Indian carrier has two years to renew the license and permits required to fly. ...
12:39 AM, Jan 01, 2013
