Key Developments: Kingfisher Airlines Ltd (KING.NS)

KING.NS on National Stock Exchange of India

22 Jun 2015
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Latest Key Developments (Source: Significant Developments)

Kingfisher Airlines Ltd - India probing Kingfisher Airlines over alleged financial irregularities - Reuters
Tuesday, 15 Sep 2015 

Kingfisher Airlines Ltd:India's federal financial fraud investigating agency has sought information from drinks company United Spirits Ltd in connection with a probe into former group firm Kingfisher Airlines Ltd KING.NS over alleged diversion of funds - Reuters.The agency is looking into alleged financial irregularities from 2005, when liquor baron Vijay Mallya's UB Group controlled both companies, TV channel CNBC TV18 reported on Tuesday - Reuters.United Spirits now controlled by Diageo, said in a statement to the Bombay Stock Exchange on Tuesday that it was cooperating with the investigating authority, the Serious Fraud Investigation Office (SFIO), in a probe of Kingfisher Airlines and was providing the required information - Reuters.An auditor's inquiry into United Spirits' financial accounts, conducted after Diageo took control, showed that between 2010 and 2013, funds were allegedly diverted illegally from the company to some of Mallya's group firms, including Kingfisher - Reuters.As a result, the board of United Spirits, under the new Diageo management, began a procedure in April to remove Mallya from his position as chairman - Reuters.Mallya has denied the allegations and in April said in a statement to Reuters that he would not resign as chairman of United Spirits. A spokesman for Mallya's UB group declined to comment on the SFIO probe on Tuesday - Reuters.  Full Article

Kingfisher Airlines Ltd announces CEO resignation
Thursday, 19 Feb 2015 

Kingfisher Airlines Ltd:Considers resignation letter dated Feb. 14 submitted by Sanjay Aggarwal, CEO and has accepted the same with effect from Feb. 14.  Full Article

Kingfisher Airlines Ltd updates on winding up petition filed against Kingfisher Airlines Ltd
Tuesday, 6 Jan 2015 

United Breweries Holdings Ltd:Says that the High Court of Karnataka has admitted 6 Winding Up petitions filed by the unsecured creditors/Bankers of Kingfisher Airlines Ltd by passing an appropriate order in this regard.Says it is in the process of filing an appeal against the aforesaid admission order.  Full Article

UCO Bank identifies Kingfisher Airlines Ltd as wilful defaulter-Business Standard
Tuesday, 28 Oct 2014 

Kingfisher Airlines Ltd:UCO Bank has joined the growing list of lenders to have identified grounded Kingfisher Airlines as a wilful defaulter for non-payment of dues-Business Standard.However, the bank is yet to formally declare the company a wilful defaulter.  Full Article

Kingfisher Airlines Ltd moves Calcutta High Court against United Bank of India's default notice-Business Standard
Wednesday, 9 Jul 2014 

Kingfisher Airlines Ltd:Moved the Calcutta High Court challenging a communication by the United Bank of India that asked its chairman Vijay Mallya and other board members to meet the bank officials for alleged wilful default on payment of dues to the tune of nearly 4.00 bln Indian Rupees-Business Standard.  Full Article

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