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Former employees of the defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> are applying for jobs at soon-to-be launched <keyword id="2467342" type="UNKNOWN" weightage="20" keywordseo="Vistara">Vistara</keyword> airline, a 51:49 joint venture between Tata Goup and Singapore Airlines. 
	 
	“The counsel for Kingfisher Airline has told us that since the airline has not been operating, no revenue has been generated and hence they cannot pay us. It is good news for us that Vistara is coming up because most of us have joined the new airline,” said a former employee of the beleaguered carrier. 
	 Apart from Tata-Singapore Airlines's Vistara, many have also joined <keyword id="6354706" type="CITY" weightage="20" keywordseo="Indigo">Indigo</keyword>. “Both these airlines have Airbus 320 and since KFA had a fleet of Airbus 320, therefore, these suit us,” added the employee. 
	 
	It’s worth noting that Kingfisher airline has not paid its employees since 2012 and made promises of disbursal of salaries on several occasions. A section of the distressed employees have also submitted a plea in the Karnataka High Court for releasing the funds deposited with the court as a security. The employees had requested the Court to allow the management to access Rs 220 crore from the security (Rs 250 crore) deposited with the court, which came from UBHL stake sale to Diageo. 
	 
	Earlier this year, the employees also wrote to the labour Commission for the disbursal of the salary. Vijay Mallya was summoned by the chief labour commissioner to discuss the issue of unpaid salaries of the employees. 
	 
	Tata Group and Singapore Airline’s Vistara was scheduled to launch this month, however, aviation regulator Directorate General of Civil Aviation, has not yet issued the Scheduled Operator Permit to the airline. The airline took the delivery of its first aircraft Airbus-320 last month.

KFA
Employees May Join Vistara, Indigo

<keyword id="113653" type="COMPANY" weightage="80" keywordseo="United-Bank-of-India">United Bank of India</keyword> has become the first bank to declare <keyword id="6373962" type="CITY" weightage="80" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword>, it's promoter <keyword id="14678" type="PERSON" weightage="80" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> as well as three directors on the board of <keyword id="6583397" type="COMPANY" weightage="100" keywordseo="KFA">KFA</keyword> as wilful defaulters. 
 According to a source close to the development, " the action comes after KFA officials did not show up for the meeting with United Bank's grievance redressal cell this morning at 10:30 AM." The grievance redressal committee of United <keyword id="6355303" type="CITY" weightage="80" keywordseo="Bank-of-India">bank of India</keyword> is headed by the bank's executive director D Narang. The bank is also in the process of sending formal notices to the company. Sources say the bank will also inform the Reserve Bank of India about its decision. 
 
"Yes, we have declared Vijay Mallya and three directors as wilful defaulters," UBI executive directors Deepak Narang told ET. 
 
Wilful defaulters are prohibited to borrow money from banks and cannot continue as a director in any company. 
 
"We had requested them to appear before our panel at 10.30 am on Monday. They did not come. So, we have declared them as wilful defaulters on the basis of a letter furnished by them on July 4th," Narang said. 
Sources in the know indicate that the three directors along with Vijay Mallya include, AK Ganguly, Subhash R Gupte and R Nedungadi. 
 
This follows the Calcutta High Court dismissing KFA's plea against United Bank of India last week. KFA and United Bank of India have been entangled in a legal tussle for a few months now after UBI moved to declare the grounded airline as a wilful defaulter. 
 
However, sources also indicate that KFA has approached the Supreme Court in this case, in an attempt to challenge the Calcutta High Court order. KFA has been insisting to be represented by an external lawyer in front of the GRC of United Bank of India which was refused by Calcutta High court. 
 
There are serious repercussions of a company being declared a wilful defaulter which include restricting any future access to bank finance for the company as well as all directors of the company who are associated with other companies. 
 Other lenders like <keyword id="13222" type="CITY" weightage="80" keywordseo="SBI">SBI</keyword> and PNB are also in the process of declaring KFA and management as wilful defaulters. 
 
(With inputs from ET Bureau)

United Bank Of India First Bank To Declare KFA And Vijay Mallya As Wilful Defaulter

Embattled liquor baron <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, on Tuesday asked Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> to consider his repeated "offer to repay 100 per cent" of the amount borrowed by now defunct <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, in this time of coronavirus pandemic. Mallya, who is wanted in India on alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore, also said all his companies have effectively ceased operations and manufacturing following the lockdown in India. "I have made repeated offers to pay 100 per cent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis," Mallya said in a series of tweets. He further said, "Indian <keyword id="26362" type="COMPANY" weightage="20" keywordseo="Government">Government</keyword> has done what was unthinkable in locking down the entire country. We respect that. All my companies have effectively ceased operations. All manufacturing is closed as well." Mallya sought government help and said, "we are not sending employees home and paying the idle cost. Government has to help." Asking people to stay safe and maintain social distancing "which can effectively be achieved by staying home and enjoying home time with family and pets, he said, "I am doing the same. We all have a sense of bravado but it's not worth challenging an unknown enemy which isn't Pulwama or Kargil." Mallya has challenged in the UK <keyword id="6355392" type="COMPANY" weightage="20" keywordseo="High-Court">High Court</keyword> his extradition from the country. RKL DRR

Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times

As told earlier, India’s liquor baron <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">Vijay Mallya</a> who owes thousands of crores to several <keyword id="488657" type="UNKNOWN" weightage="100" keywordseo="state-run-banks">state-run banks</keyword>, has fled the country. The legal battle in the Supreme Court and Debt Recovery Tribunal against Mallya is being led by SBI. 
 
 
Here is the breakdown of Mallya’s journey from a businessman to a wilful defaulter. 
 
1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up 
 
Rs 1,600 crore - SBI 
 
Rs 800 crore - PNB 
 
Rs 800 crore - IDBI 
 
Rs 650 crore - Bank of India 
 
Rs 550 crore - Bank of Baroda 
 
Rs 430 crore - United Bank of India 
 
Rs 410 crore - Central Bank of India 
 
Rs 320 crore - UCO Bank 
 
Rs 310 crore - Corporation Bank 
 
Rs 150 crore - State Bank of Mysore 
 
Rs 140 crore - Indian Overseas Bank 
 
Rs 90 crore - Federal Bank 
 
Rs 60 crore - Punjab &amp; Sind Bank 
 
Rs 50 crore - Axis Bank 
 
He, however, claims that out of these 7000 crores, Rs 1,200 crore have been recovered by these banks. 
 
2. A look at his holdings in his companies 
 
33% in United Breweries, which is worth Rs 7,000 crore. But more than half of the stake is pledged. 
 
22% interest in Mangalore Chemicals &amp; Fertilisers, which is worth Rs 140 crore. One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged. 
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman. 
 
3. How Mallya became Mallya 
 
1983 | After his father's death, Mallya becomes UB group chairman at 28. 
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand. 
2002 | Nominated to Rajya Sabha. 
 
4. Mallya's shopping list 
 2005 | Launches <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge 
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka. 
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m. 
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore. 
 
5. And, how it got ruined 
2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits 
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds. 
2014 | United Bank identifies United Breweries Holdings as wilful defaulter. 
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses. 
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit. 
 
6. The pain of Kingfisher’s employees 
Over 1,500 staffers, still on the firm's payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his 'heart is impure' and he has blood on his hands. They seek PM Narendra Modi's help to get their dues. 
 
7. Despite whatever he says, Mallya isn’t a broke bloke 
 
Mallya owns homes in Trump Towers, New York City, and in San Francisco. Game resort in South Africa. A beachfront villa in Goa. He also has a fleet of over 200 luxury vintage cars, a 95m "mega yacht" with a helipad, a Gulfstream private jet. 
 
<a href="http://clientimages.teamtalk.com/14/11/800x600/Vijay-Mallya_3228444.jpg">Image source</a>

Vijay Mallya’s journey from a businessman to a fraudster

<a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA">Vijay Mallya</a> has been summoned by the <a href="http://www.businessinsider.in/searchresult.cms?query=enforcement+directorate">Enforcement Directorate</a> (ED) and the liquor baron has got a week’s time to appear before it in the alleged default in payment of Rs 900 crore dues to <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI bank</keyword>. 
 
As per news reports, Mallya has to appear before ED on March 18. 
 
The sources said Mallya has also been asked to furnish documents related to his personal finances. 
 
The summons were issued on a day when A Raghunathan, a former Chief Financial Officer (CFO) of the grounded <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines">Kingfisher Airlines</a>, appeared before ED investigators at its office in the Ballard Pier area here. 
 
"We had summoned Raghunathan and he appeared before us for questioning this morning. 
 
The ED had issued summons to over half a dozen officials of the <a href="http://www.businessinsider.in/searchresult.cms?query=idbi+bank">IDBI bank</a> and Vijay Mallya-owned Kingfisher Airlines(KFA) under provisions of the PMLA wherein all the individuals have been asked to submit details about their personal finances and <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Returns (ITRs) of last five years to the investigators. 
 
According to the official, in his statement to the SFIO--recorded last month--, Raghunathan has put the blame on Mallya for the financial crisis that felled KFA and said he worked as per the directions from the latter.

Vijay Mallya has 7 days to return to India and appear before the ED

The <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (ED) has said that former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who fled India to avoid repaying millions of dollars of loan to Indian banks, had laundered more than Rs 1,300 crore using 13 shell companies in countries like US, Ireland, Mauritius and France. The latest indictment was made in the charge sheet that ED filed on June 14 in the <keyword id="6355008" type="UNKNOWN" weightage="100" keywordseo="money-laundering">money laundering</keyword> case that involves a loan of about Rs 900 crore from IDBI-KFA bank. Other than <keyword id="6373968" type="PERSON" weightage="100" keywordseo="Mallya">Mallya</keyword>, there are eight more people indicted in the 57-page long charge sheet for their alleged roles in the case. The charge sheet was filed under various sections of the Prevention of Money Laundering Act (PMLA) and was presented before a special anti-money laundering court in Mumbai. Mallya, who has been in the UK since March 2016, was arrested by Scotland Yard on April 18 this year, and India has been trying to extradite him from the UK for the loan fraud cases.

Vijay Mallya used 13 shell companies to launder over Rs 1,300 crore, says ED

In a bid to recover more than Rs 9,000 crore, the lenders have now put <a href="http://www.businessinsider.in/searchresult.cms?query=kingfisher+airlines&amp;sortorder=effectivedate">Kingfisher Airlines’ logo</a> on sale with a base price of Rs 366.7 crore. 
 
The lenders have scaled up their efforts to recover the corpus amount from <a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya.</a> The bids for the logo have to be submitted by April 30 and SBI Cap Trustee Co is in-charge of the auction process. 
 
“This is part of the 'sale of trademarks including the brand value of 'Kingfisher logo,” it stated. 
 
READ MORE: <a href="http://www.businessinsider.in/Vijay-Mallya-debt-fiasco-comes-to-some-good-use-for-Indian-business-schools/articleshow/51496588.cms">Vijay Mallya debt fiasco comes to some good use for Indian business schools</a> 
 
Also, brands and trademarks relating to the label mark of Kingfisher, Fly Kingfisher, the logo of the Flying Bird Device and the word mark 'Fly the Good Times' associated with KFA have been pledged with banks and will be for e-auction on April 30. 
 
However, there is a small catch as it is unclear how <a href="http://www.businessinsider.in/searchresult.cms?query=Heineken&amp;sortorder=effectivedate">Heineken</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=UNITED+BREWERIES&amp;sortorder=effectivedate">United Breweries</a> would take up the logo auction issue. As per reports, the trademarks and other promotional material surrounding the brand 'Fly the Good Times' belong to KFA and it is not clear how another beer company could use it. 
 
"There may not be any legal challenge in selling the brand, but there could be commercial challenges in terms of who would want to buy the brand," Prem Rajani, managing partner at Rajani Associates, a law firm, told ET. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-personal-Airbus-jet-to-be-auctioned-to-recover-governments-dues/articleshow/51406790.cms">Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues</a> 
 
Till now, banks have attempted to <a href="http://www.businessinsider.in/Mallyas-Kingfisher-House-in-Mumbai-now-on-auction-by-SBI-for-more-than-Rs-150-crore/articleshow/51438555.cms">sell Kingfisher House in Mumbai</a> but did not receive any bids since the base price of Rs 150 crore, too high for many. 
 
READ ALSO: <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms">Vijay Mallya’s journey from a businessman to a fraudster</a> 
 
(Image: Indiatimes)

To recover dues, Kingfisher Airlines’ logo will also go under hammer

State Bank of India, the largest public sector bank, has allgedly sent a letter to <keyword id="14678" type="PERSON" weightage="40" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s cash-strapped carrier, Kingfisher Airline (KFA), asking for an explanation. 
 “Last week, <keyword id="13222" type="CITY" weightage="20" keywordseo="SBI">SBI</keyword> had sent a letter to the management regarding their outstanding debts. The bank has asked the company to respond to the letter in a fortnight,” revealed a senior airline official who spoke on the condition of anonymity. 
 
Very recently United Bank of India (UBI) declared the defunct airline and Mallya as wilful defaulter. Reports suggest that the bank took this extreme step after official from the company did not turn up for a meeting with the bank’s grieviance redressal unit. UBI is the first state-owned bank to have declared KFA as wilful defaulter. 
 
On contacting the airline for a response, the company spokesperson Prakash Mirpuri said, “It is not possible for a bank to simply declare anybody as a wilful defaulter without following due process. The RBI circular is clear in this regard. We have robust and comprehensive answers backed by documentation to challenge any such move”. 
 
He further added, “The Hon'ble Supreme Court observed that the SLP filed by KFA against UBI seeking legal representation before the Grievance Redressal Committee of the Bank had become infructuous as the Committee had already made a decision. The Hon'ble Court said that it was up to KFA to pursue such legal remedies as are available,”Mirpuri told BI India in an email response. 
 
Mirpuri also noted that the airline will vigorously challenge the decision of UBI. “KFA and its directors strongly deny the allegations of wilful default for alleged non-payment of Rs 7.5 crores to UBI. Kingfisher Airline and its directors have not been given any opportunity to present their case through lawyers of their choice before UBI who have come to a wrongful ex-parte decision in great haste when the question of legal representation was under challenge.” The company however did not comment on SBI’s letter. 
 
The state–run public sector bank, SBI, did not comment on the issue at the time when the story went to press.

SBI Sends Letter to Kingfisher Airlines, May declare Vijay Mallya As A Wilful Defaulter Soon

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Here's how many Model 3 cars Tesla has made so far this year

The Calcutta High Court has granted a stay order to <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>’s defunct carrier Kingfisher on <keyword id="113653" type="COMPANY" weightage="20" keywordseo="United-Bank-of-India">United Bank of India</keyword> (UBI) decision to declare Vijay Mallya and three other directors as wilful defaulters. Earlier this month, the bank’s grievance redressal committee had declared the airline and its directors including the promoter as wilful defaulters 

	“We had earlier stated that we would legally challenge the wrongful decision of United Bank of India and that we have great faith in the judiciary in our Country. We will legally defend our position on all allegations going forward”, said Prakash Mirpuri, chief spokesperson of the airline in an email.
 

	The airline had earlier told BI India that it was planning to take legal recourse to challenge the wilful defaulter tag given by UBI. The carrier along with its current and erstwhile directors filed a writ petition in the high Court against the bank and others, in which it had challenged the ex-parte decision of the grievance redressal committee constituted by the declaring the petitioners wilful defaulters. 
 

	“The matter was listed for hearing on Friday, 26th September, 2014 before hon’ble Justice Debangsu Basak. After hearing Counsel for the Petitioners and the Bank, His Lordship passed an order in which his lordship has held that, prima facie, the Bank acted in breach of the principles of natural justice by not making over the documents referred to and relied upon by the Bank to KFA prior to the hearing, and thus, not enabling KFA to make an effective representation against the charges and allegations made against them in relation to being declared wilful defaulters,” added Mirpuri in the email. 
 

	The next hearing of the case will be held on 10th November while the bank has been asked to submit its affidavit in opposition by 3rd November. The airline is then expected to file its reply within a week of the affidavit.

Kingfisher Airlines Gets Relief From Calcutta High
Court Against Wilful Defaulter Tag

After United Bank of India’s suit, now state run financial company <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI Bank</keyword>, will declare defunct carrier <keyword id="6373962" type="CITY" weightage="20" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> and its promoter <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and its three directors as willful defaulters. 
	“Last week, IDBI too had sent a letter to the management regarding their outstanding debts. Vijay Mallya was summoned for a meeting with the senior officials of the bank today morning. But he skipped it,” disclosed a senior airline official. 

	 
	When BI India contacted the airline for a response, company spokesperson Prakash Mirpuri confirmed that IDBI Bank had sent them a letter. The spokesperson also added that the management has taken all necessary action and replied as appropriate. 

	 
	“It is not possible for a bank to simply declare anybody as a wilful defaulter without following the due process. The RBI circular is clear in this regard. We have robust and comprehensive answers backed by documentation to challenge any such move”, said Mirpuri sometime back. 
	 

	Interestingly, BI India yesterday reported that State Bank of India had sent a letter to KFA last week, demanding a response within a fortnight. And recently United Bank of India (UBI) declared the defunct airline and Mallya as wilful defaulters and becomes the first state-owned bank to do so. The airline plans to "vigorously challenge the UBI’s decision".

Increasing Troubles for Vijay Mallya: After UBI, IDBI To Declare Him As Wilful Defaulter

<keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword>’s big business houses that secured huge loans from state-run banks post but defaulted on repayments or escaped by restricting the loans will now remain under an all-time scanner of India’s <keyword id="6354889" type="ORGANIZATION" weightage="20" keywordseo="Central-Bureau-of-Investigation">Central Bureau of Investigation</keyword> (CBI). The agency, which is so far known for its criminal investigation, might soon become the default lead investigator of frauds by India’s big-ticket corporates. An Economic Times report stated that after recently being asked by the <keyword id="156153" type="ORGANIZATION" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword> to investigate the top 10 cases of default in which fraud is suspected at the government banks, CBI officials have sought broader powers. Currently, the probe agency have to cross many obstacles when it comes to gathering info and conducting raids in the big bank fraud cases it's probing. 

	The financial daily further stated that this is the reason why it wants the central government to specify the offences or categories of such infringements that need to be investigated under Section 3 of the Delhi Special Police Establishment Act.
 This change might be implemented by the government through a gazette notification. Besides being notified as the main investigator for such cases, CBI wants chief vigilance officers (<keyword id="52113" type="ORGANIZATION" weightage="20" keywordseo="CVO">CVO</keyword>s) at state-run banks to be appointed as nodal officers. At present, the bank CVO has to refer any purported fraud to the <keyword id="55819" type="ORGANIZATION" weightage="20" keywordseo="Central-Vigilance-Commission">Central Vigilance Commission</keyword> (CVC), which then asks CBI to probe the case. 

	The CBI enjoys the freedom to take up the case or refuse it by stating that the fraud is of a low amount and can be probed by the economic offences wing of the state police. A CBI official told ET that with this amendment to the Delhi Special Police Establishment (DSPE) Act, the investigative agency can directly pick up high-value cases. In return, this will speed up the investigation and will also result in better coordination between banks and the CBI.
 Currently, the CBI is probing a loan obtained by the defunct Kingfisher Airlines from <keyword id="6357560" type="CITY" weightage="20" keywordseo="IDBI-Bank">IDBI Bank</keyword> in 2009. The KFA had already missed repayments on borrowings worth Rs 7,500 crore to a consortium of 17 banks led by <keyword id="6354731" type="CITY" weightage="20" keywordseo="State-Bank-Of-India">State Bank of India</keyword> (SBI). 
	(Image: www.livelaw.in)

You Searched For "KFA" and got 12 results

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