Key Developments: Kingfisher Airlines Ltd (KING.NS)
Latest Key Developments (Source: Significant Developments)
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
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
Business Standard reported that Kingfisher Airlines Ltd which has not flown since last October, reported yet another quarter of loss, and the resumption of operations is still not in sight as it struggles to win regulatory approvals. Kingfisher said net loss widened to INR21.42 billion for its fiscal fourth quarter ending in March, compared with a net loss of INR11.50 billion a year earlier. The Company is estimated to owe about INR140.00 billion to banks, airports and others and its flying licences expired at the end of last year. Kingfisher has twice submitted revival plans to the sector regulator in bids to restart the airline, with parent UB Group committing initial funding, but is yet to win approval. Kingfisher had never made a profit in its eight years of operations. Full Article
MUMBAI - State-run lender IDBI Bank Ltd said on Tuesday it is not being investigated by the Central Bureau of Investigation (CBI) over a loan to the now-grounded carrier Kingfisher Airlines Ltd .