Mallya surprises KFA staff with month's salary, CEO meets DGCA

February 19, 2013

Mallya_surprises

Mumbai, Feb 19: A week after its lenders decided to recover their dues, cash-strapped Kingfisher Airlines has started paying salaries to its employees apart from approaching the aviation regulator seeking licence renewal, sources said today.

"Some of us have received salary dues. Those in the lowest package as well as some engineers and pilots have also a month's salary dues," sources told PTI.

The airline has not been paying salary to its employees since May last year, while it had started delaying salaries much before the crisis broke out last October. The sources also said airline Chief Executive Sanjay Agarwal is in the capital to meet the Directorate General of Civil Aviation (DGCA) to make a fresh request to resume operations. However, both the developments could not be officially confirmed.

Earlier in the day, Kingfisher shares rose as much as 5 per cent on the BSE, the maximum permissible limit on a day, after one of its promoters, United Breweries Holdings, hiked its loan limit for the ailing carrier to Rs 750 crore from Rs 300 crore.

UB Holdings has sought approval from its shareholders to revise the lending limit for Kingfisher and to authorise its board of directors to take necessary actions in this regard, the company had said yesterday.

Reacting to the development, shares of the company touched an intra-day high of Rs 10.53 on the BSE, higher by 5 per cent from its previous closing price at 1230 hours.

"To accommodate further lending to Kingfisher if required, it is proposed to realign these limits further by increasing the lending limit to KFA from Rs 300 crore to Rs 750 crore and reducing the investment limit from Rs 1,200 crore to Rs 750 crore, thus maintaining the overall limit of Rs 1,500 crore..," UB Holdings said in a shareholders' notice.

The revision was done to facilitate the conversion of loans given to Kingfisher into convertible/no-convertible securities, as required by the debt recast agreement between the airline and a consortium of its lenders.

It can also be noted that last Tuesday, the lenders to the airline, which number as many as 17 banks which together had extended Rs 7,000 crore to the company, had resolved to recall their loans to the airline, which had been grounded since October one last, saying more than enough time was given to the management to revive the crippled airline.

The lenders consortium leader State Bank, which has an outstanding dud loan of over Rs 1,700 crore, had said as a first step, lenders would monetise the collaterals given to them from other group companies like Mangalore Fertilisers and the flagship United Spirits, in which 54 per cent has been sold to the British spirits major Diageo for around Rs 11,170 crore.

However, the UB Group has denied that it had given USL shares as collaterals to the lenders as well as the brand Kingfisher, which also covers its beer business.

The bankers are expecting to recover around Rs 1,000 crore from these securities before the end of this fiscal itself.

Yesterday, SBI chairman P Chaudhuri had said in Chennai that he was hopeful of recovering a "good portion of his Rs 1,700 crore dues from the airline."

"Of the total dues of Rs 7,000 crore... so far, the approach was to revive the airline. But now we have decided to realise the securities provided by the airline. Our endeavour is to recover the full amount," Choudhuri said.

Noting that recovery of dues would be after completing a "complicated, long, legal battle", he said the bank has made provisions to collect Rs 1,650 crore of the Rs 1,700 crore through realisation of securities.

The lenders also hope to take only a small haircut from the entire fiasco as they have collaterals worth Rs 6,500 crore from group companies, excluding the brand Kingfisher, which in good times was valued at Rs 4,200 crore.

The airline, launched in May 2005 as a gift to Vijay Mallya's son Siddharth on his 18th birthday has never made any profit and today has nearly Rs 18,000 crore which include bank loans, accumulated losses, salary arrears, vendors dues and tax dues among others.

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News Network
March 31,2020

New Delhi, Mar 31: At least 24 people staying at Markaz building in Nizamuddin area of the national capital have tested positive for coronavirus, Delhi Health Minister Satyendar Jain on Tuesday.

"All of them are being screened. We are not certain of the number but it is estimated that 1500-1700 people had assembled at the Markaz building. 1033 people have been evacuated so far - 334 of them have been sent to the hospital and 700 sent to quarantine centre. Total 24 positive cases have been found so far," he said while speaking to reporters here.

The minister also slammed the organisers of the religious event saying that they have committed a grave crime.

"The event's organisers committed a grave crime. Disaster Act and Contagious Diseases Act was enforced in Delhi, no assembly of more than 5 people was allowed. Still, they did this. I have written to Lieutenant Governor to take strict action against them. Delhi government has given an order to file an FIR against the organisers," the Health Minister said.

Earlier, the Delhi government had said: "It has come to our knowledge that administrators of Nizammuddin Markaz violated coronavirus lockdown conditions and now several positive cases have been found. Strong action would be taken against those in charge of this establishment. Delhi government will ask the police to register an FIR against Maulana of Markaz, Nizamuddin." 

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Agencies
February 13,2020

New Delhi, Feb 13: The BJP's Amit Shah today said statements like "goli maaro" and "Indo-Pak match" should not have been made by BJP leaders ahead of the Delhi elections.

The BJP may have suffered in the elections because of hate statements made by party leaders, he said, reported news agency Press Trust of India.

The party, he said, had distanced itself from such remarks.

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Agencies
March 22,2020

New Delhi, Mar 22: The exercise to update the National Population Register (NPR) and the first phase of the Census 2021, scheduled to begin from April 1, are likely to be deferred for an indefinite period due to Coronavirus pandemic, officials said.

A formal order on this effect is expected within a day or two.

Discussions are going on at the highest level of the government and in all probability, the NPR and house listing phase of the Census work will be deferred till the threat of the Coronavirus is over, a home ministry official said.

The exercise to update NPR and the housing listing phase of the Census is scheduled to be carried out across the country from April 1 to September 30.

Last week, the home ministry had said the preparation for the Census 2021 and updation of the NPR were at its peak and they will begin from April 1.

The ministry said this after a conference of the Directors of the Census Operations on status of preparatory work around Census 2021 and NPR updation.

There has been opposition from several state governments to the NPR and some of the assemblies even adopted resolutions expressing reservations on the exercise.

The states which have been opposing the NPR include Kerala, West Bengal, Punjab, Rajasthan, Chhattisgarh and Bihar.

However, most of them also said they will cooperate with the house listing phase of the Census.

The objective of the NPR is to create a comprehensive identity database of every usual resident in the country.

The database would contain demographic as well as biometric particulars, they said.

The notification for the house listing census and NPR exercise came recently amid furore over the contentious Citizenship Amendment Act (CAA).

The home ministry officials said most of the states have notified provisions related to the NPR.

The NPR is a register of usual residents of the country. It is being prepared at the local (village/sub-town), subdistrict, district, state and national levels under provisions of the Citizenship Act, 1955 and the Citizenship (Registration of Citizens and Issue of National Identity Cards) Rules, 2003.

The data for NPR was last collected in 2010 along with the house listing phase of the Census 2011. Updating of this data was done during 2015 by conducting door to door survey.

While updating the register in 2015, the government has asked details like Aadhaar and their mobile number.

This time, the information related to their driving licence and voter ID card may also be gathered, the officials said, adding that PAN card details will not be collected as part of this exercise.

Though information regarding the place of birth of parents will be sought, it is up to the residents whether to respond the question as it is voluntary.

For the purposes of the NPR, a 'resident' is defined as a person who has lived in a local area for the past six months or more, or a person who intends to reside in that area for the next six months.

The law compulsorily seeks to register every citizen of India and issue a national identity card.

The demographic details of every individual are required for every usual resident: name, relationship to head of household, father's name, mother's name, spouse's name (if married), sex, date of birth, marital status, place of birth, nationality (as declared), present address of usual residence, duration of stay at present address, permanent residential address, occupation, educational qualification.

The Union Cabinet has approved Rs 3,941.35 crore for the NPR exercise.

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