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 - Embattled liquor baron Mallya seeks to repay $603 mln to Indian banks - Reuters News
Wednesday, 30 Mar 2016 

Kingfisher Airlines Ltd:Indian liquor baron Vijay Mallya, whose defunct Kingfisher Airlines owes $1.4 billion to a group of banks, has proposed to repay 40 billion rupees ($603 million) worth of loans by end-September, according to two lawyers present at a Supreme Court hearing on Wednesday - RTRS.The creditor banks, led by State Bank of India SBI.NS, had petitioned the Supreme Court over recovery of their dues and had asked the court to demand Mallya's return after he left India on March 2. His exact whereabouts are not known.The Supreme Court on Wednesday asked the banks to reply within a week to Mallya's proposal made through his lawyer. It set the next hearing of the case for April 7, the two lawyers said.  Full Article

Kingfisher Airlines Ltd - Enforcement Directorate issues fresh summons to Mallya to appear on April 2 - INDIAE
Friday, 18 Mar 2016 

Kingfisher Airlines Ltd:The enforcement Directorate (ED) has issued fresh summons to Vijay Mallya, chairman of the now-defunct Kingfisher Airlines, asking him to appear before the agency on April 2, in connection with a money laundering case. - INDIAE.Mallya had on Thursday has asked for time till "early April" to appear before the ED.The agency, that is investigating Mallya under the strict Prevention of Money Laundering Act (PMLA) had earlier directed Mallya to appear in person before it on March 18.The ED is also planning to seek the Securities and Exchange Board of India (Sebi) report on the issue of alleged round tripping of shares of United Spirits Ltd in 2007. Sebi is investigating allegation of round tripping in six accounts that belong to Mallya.Mallya has come under the scanner of multiple investigating agencies such as the CBI, SFIO and ED. His company Kingfisher Airlines has defaulted on bank loans of over Rs 7,000 crore.The ED has already grilled Ravi Nedungadi, former president and CFO at UB Group and A Raghunathan, former CFO of Kingfisher Airlines in the alleged default of over Rs 900 crore loan from IDBI Bank.Apart from Mallya, the ED had also issued summons to over half a dozen officials of IDBI Bank and KFA under provisions of the Prevention of Money Laundering Act (PMLA) wherein all the individuals have been asked to submit details about their personal finances and I-T returns of last five years.  Full Article

Kingfisher Airlines Ltd - CBI to probe if netas pushed Mallya loans - ECOTIM
Sunday, 13 Mar 2016 

Kingfisher Airlines Ltd:The Central Bureau of Investigation (CBI) will probe if some public sector banks were pressured into lending and restructuring loans extended to the now defunct Kingfisher Airlines. - RTRS.On a day when Vijay Mallya did not respond to an email from Enforcement Directorate asking him to appear before it on March 18 even as his close associate Ravi Nedungadi evaded answering questions fielded by the media.CBI sources said the role of "political pressure" would be the focus of their probe into cases involving the liquor baron.Real driver' behind Rs 900cr loan under lens.The CBI's interest in the "political angle" also stems from the fact that the bankers chose to take the brand as collateral, despite their historical reluctance to use intangible assets as security.The banks cited the Grant Thornton's valuation of Rs 3, 400 crore for KFA brand. This despite the lack of clarity in the Companies Act over whether brands could be treated as assets.Similarly in 2012, while restructuring the loans to the grounded carrier, banks decided to convert the loans into equity.They also reduced the interest rate and agreed to provide more funding despite KFA's sliding stock price.Sources said that at CBI's behest, the Serious Frauds Investigation Office (SFIO) is also looking at the remittances of Mallya's companies.  Full Article

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