Stuge Posted February 20, 2012 Posted February 20, 2012 Beleaguered Kingfisher Airlines' promoter Vijay Mallya on Monday night said he will not shut down the private carrier which struggled to stay afloat after further large-scale flight disruptions and resignation of pilots. "Closing down is not an option. It will not happen. Government does not want it to happen. It is not in national interest," Mallya said in his first public reaction to the latest crisis that has gripped his cash-strapped airline. "Why should we give up as long as we get help. Help is not bailout. We have asked banks to consider our proposal to provide more working capital," he said, making it clear that the airline has never asked for a bailout from the government. In the context of getting help, the liquor baron referred to the government's decision to allow direct jet fuel imports by the airlines and permit foreign carriers to pick up stake in them. He had lobbied hard with the government on both these issues. Mallya claimed that the entire issue of bailout was of media making. Asked about sudden disruption in Kingfisher flights, the UB Group chief said the bank accounts of the airline were frozen very suddenly by the Income Tax authorities over non-payment of tax dues. "The abrupt disruption was unfortunate because our bank accounts were suddenly frozen by tax authorities. I don't deny we have taxes due. The bottomline is we requested for time to pay these dues," Mallya said. "It was the very sudden attachment of our accounts that obviously crippled us," he said. Kingfisher, which suffered a loss of Rs 1,027 crore in 2010-11 and has a debt of Rs 7,057.08 crore, posted a Rs 444 crore loss in third quarter this fiscal. http://www.dnaindia.com/india/report_will-not-close-down-kingfisher-vijay-mallya_1652767
anotherhawkeye Posted February 21, 2012 Posted February 21, 2012 Its sad. Loved their service. It was among the best in the world. Now indians are going to be stuck with crappy airlines like the us domestic airlines.
punjabi_khota Posted February 21, 2012 Posted February 21, 2012 Its sad. Loved their service. It was among the best in the world. Now indians are going to be stuck with crappy airlines like the us domestic airlines. With endless resources, any Tom,Dick and Harry can become world's best airline. E.g. Emirates, which has a solid funding from the middle-east lobby. But thats not how business happens in rest of the world.
Ram Posted February 21, 2012 Posted February 21, 2012 Somewhere in the Bahamas, 'Captain' Gopinath is relaxing in luxury yacht, off the coast of his private island and laughing his behind off.
Prakat Posted February 21, 2012 Posted February 21, 2012 Somewhere in the Bahamas' date=' 'Captain' Gopinath is relaxing in luxury yacht, off the coast of his private island and laughing his behind off. [/quote'] Selling Deccan off to Kingfisher was the biggest hustle in history. :cantstop:
DomainK Posted February 21, 2012 Posted February 21, 2012 Kingfisher has brilliant service. The moment you get down from the car, someone in red and white would approach you and ask if you are flying kingfisher. If you say yes, he takes your luggage and stays with you looking after everything till you get the boarding pass. Once I forgot to take my photo i-card and the security guards refused to let me in. They gave me a letter confirming my identity and I was allowed on board. Not sure they would do that anymore though. That was when the i-card rule was still new. But yes, I love them. Next of course is Jet, but they are not as good as Kingfisher is.
Malcolm Merlyn Posted February 21, 2012 Posted February 21, 2012 Kingfisher has great service.Hope they stay afloat.
akshayxyz Posted February 21, 2012 Posted February 21, 2012 KF indeed had good service, but the following article exposes some mirky details about KF/Mallya http://kaipullai.com/2011/11/28/the-curious-case-of-vijay-mallya-and-his-bailout-and-one-more-scam/
Ram Posted February 21, 2012 Posted February 21, 2012 I would like know what are the cash flow and revenue projection models for airlines in India. Pretty none of them seem to make a profit, EVER.
seedhi Posted February 21, 2012 Posted February 21, 2012 KF indeed had good service, but the following article exposes some mirky details about KF/Mallya http://kaipullai.com/2011/11/28/the-curious-case-of-vijay-mallya-and-his-bailout-and-one-more-scam/Praful Patel will forever be remembered as the man singularly responsible for destroying Indian Airlines and Air India. Mallya and him both deserve to be prosecuted for their crimes.
gs Posted February 22, 2012 Posted February 22, 2012 Mallya has plenty of money to bail out his ailing airline with his liquor money. Why should the govt or tax payers be on the hook for his business venture that didnt pan out well. Does he share his profits with the govt or tax payers when his liquor business does really well?!? And it's not as if the whole Indian aviation industry would collapse if KF went down -- so dont really see the need for GOI to bail them out.
DomainK Posted February 22, 2012 Posted February 22, 2012 Mallya has plenty of money to bail out his ailing airline with his liquor money. Why should the govt or tax payers be on the hook for his business venture that didnt pan out well. Does he share his profits with the govt or tax payers when his liquor business does really well?!? And it's not as if the whole Indian aviation industry would collapse if KF went down -- so dont really see the need for GOI to bail them out. Hope you understand that Mallya, the Liquor business and the airlines business are three separate identities. The shareholders of the liquor business won't be amused by the suggestion.
Prakat Posted February 22, 2012 Posted February 22, 2012 keep it open, close it down, eitherways, kaun sa bada ehsaan kar dala ki badi tashan se bol raha hai.
beetle Posted February 26, 2012 Posted February 26, 2012 This fat bhikari should be in prison. He has been running an airline on public money taken from public sector banks .Hasn't paid his employees for months.Hasn't deposited taxes cut from employees salaries for the last two years.Hasn't paid airports,oil companies ,service tax, his aircraft lessors. This man refused point blank to give any personal guarantee in return for fresh loans but almost demands that his airline be given money because according to him it is in national interest. He is so cocky because he has over the years cultivated politicians in every political party.In any country less corrupt than ours this leech would be behind bars.
beetle Posted February 26, 2012 Posted February 26, 2012 Kingfisher almost grounded for good http://www.sunday-guardian.com/business/kingfisher-almost-grounded-for-good
Silva Posted February 26, 2012 Posted February 26, 2012 "Closing down is not an option. It will not happen. Government does not want it to happen. It is not in national interest," Mallya said in his first public reaction to the latest crisis that has gripped his cash-strapped airline. "Why should we give up as long as we get help. Help is not bailout. We have asked banks to consider our proposal to provide more working capital," It is if its coming from the government through public banks you stupid douch.
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