The Home Ministry today forwarded to the Ministry of External Affairs (MEA) a court-issued request to bring back embattled liquor baron Vijay Mallya from the United Kingdom to India to face money laundering probe.
"Till this minute, there is no final judicial determination on what KFA owes to banks and what I may owe in my personal capacity after trial," Mallya tweeted.
Terming the RS 950 crore loan to the defunct Kingfisher Airlines (KFA) as unsecure, the Central Bureau of Investigation (CBI) on Monday arrested nine people linked to this cae including former CEO of the airlines and two former Chairmen of IDBI Bank.
Expanding its money laundering probe into L'affaire Mallya, the Enforcement Directorate has asked around half a dozen lenders of Kingfisher Airlines to furnish details of the financial transactions conducted by the long-grounded air carrier and its top executives.
In fresh trouble for liquor baron Vijay Mallya, the Enforcement Directorate has registered a money laundering case against him and others in connection with the alleged default of over Rs 900 crore loan from IDBI Bank.
RBI has issued clarification on 'wilful defaulter' tag wherein it allowed banks to include key executives in the management as defaulters too. The central bank also wants banks to name non-group entities as â€˜wilful defaulters‘ if they have given guarantees and don‘t pay up when the original party defaults.
United Bank has declared Kingfisher Airlines and its promoter Vijay Mallya as â€˜wilful defaulter‘. The bank is in the process of sending formal notices to the company and will inform RBI as well.
KFA, which has been stripped of its flying licence did not have any income during the quarter owes an estimated Rs 13000 crore to banks, staff, airports and oil companies.
CNBC-TV18's Vineetha Athrey spoke to several sources and presents a round-up of all the legal action regarding the UB group's repayment of loans and the decision of the Karnataka High Court.
Banks have finally started recovering dues from the beleaguered Kingfisher Airlines (KFA) and have as of now recovered around Rs 1000 crore. A consortium of 17 banks led by State Bank of India have lent around Rs 7000 crore to the carrier
According to exclusive CNBC-TV18 sources, KFA employees on Wednesday submitted a list of grievances to finance minister P Chadambaram who has assured action on issues that are impacting them.
Kingfisher Airlines' promoter Vijay Mallya's woes seem to see no end in sight. As United Spirit's much-awaited deal with Diageo is nearing fruition, one of the final hurdles on the way is the winding up petition that eight creditors including BNP Paribas, Rolls Royce and Wells Fargo Bank have filed against UB Holdings in the Karnataka High Court.
Kingfisher Airlines shares fell around 5 percent to a record low of Rs.6.9 and headed for a third consecutive losing session on fears regulators may not allow the carrier to restart operations.
Wall Street rallied to session highs with the Dow and S&P 500 surging to new record levels. European markets also reported 1-2 percent gains on Wednesday.
Kingfisher Airlines has submitted a revival plan to the Directorate General of Civil Aviation (DGCA) today, although the plan has no clarity on funding source and timeframe for re-starting operations, say sources.
CNBC-TV18's Nigel D‘Souza and Kritika Saxena report that USL will launch the open offer amid concerns. Sources add a revival plan is in the offing in the KFA CEO's meeting with the DGCA tomorrow
Stocks in news: Wipro | Mah Holidays | KFA | Moser Baer | Maharashtra Seamless | Panama Petrochem | Union Bank | Bilcare | Coal India | Shriram Transport Fin and Cairn India are stocks | which are in news today.
Kingfisher Airlines employees staged protests at Indian cricketer Virat Kohli's residence in Delhi. Virat Kohli is the captain of UB Holdings promoter, Vijay Mallya-owned IPL team, Royal Challengers Bangalore.
The court battle among airport operators, tax authorities and Kingfisher Airlines' lessors over repossession of its planes may have a negative impact on other Indian carriers leasing aircraft from global leasing companies, a leading aviation consultancy firm has said.
Kingfisher Airlines‘ chairman Vijay Mallya has committed to pay pending salaries to employees soon. In a meeting held last night, he told engineers and pilots that he has already informed the finance ministry about it, say exclusive sources.
Vijay Mallya, chairman KFA had earlier this year said that he is keen to resume operations with seven planes by March and later extend it to 21 and then over 50 aircraft will be put on the network. But he is unable to raise equity due to resistance from investors.
After the expose in respect to Axis Bank, HDFC Bank and ICICI Bank, SP Tulsian of sptulsian.com takes this as a buying opportunity for all three stocks. He told CNBC-TV18 that although the Bank Nifty has been spoiled because of the bad performance, but all the PSU bank stocks have been ruling reasonably well.
Shares of Kingfisher Airlines (KFA) were locked at 5 upper circuit on Friday after the company agreed to pay six months salary to its employees.
State Bank of India (SBI), the largest lender to Kingfisher's said that a loan recall notice is likely to be issued to Kingfisher Airlines in a month.
Problems at Kingfisher Airlines (KFA) seem to be compounding each passing day. This time around, the ailing carrier‘s plans to resume operations may not be easy, as most of its flying slots on domestic and international network will be given away to other players.