Wednesday, 20 February 2013

Air India should appreciate this person. He is so proud of being a part of Air India.

This is so much awesome... Air India should appreciate this person. He is so proud of being a part of Air India. He knows current condition of it and he dont like to see Air India in Mess. What is top managment doing.

Please for god sake try to make Air India better than Sueing this person. Listen to him carefully, he is so fustrated to his condition but as a honest employee, he pledge to serve air india till end.

A Pilot goes thru lot of stress if made to sit at home ... this is for all my mates who r in similar condition ... Take it in healthy spirit, its

An Air India Pilot who made a rap video to complain about Poor Pay, ageing Female Flight Attendants and cancelled flights has found himself in hot water with his bosses.

The video, called Air India Rap, has become a viral hit since it was posted on You Tube last week clocking up 85,000 views to date.

The rap - which is laced with expletives - begins with the Pilot hearing his flight has been cancelled before a hip hop backing track starts.

It starts with a disclaimer which reads: "Dear friends and fellow Pilots, the following content is not meant to harm anyone's feelings for the company. I love Air India and am very thankful to ICPA for making every effort to get us out of the mess we are now in."

He goes on to canvas a number of issues with the airline including not being paid, working with older staff and the union not standing up for the Pilots.

"It has been more than five months since I haven't got paid. Time n time again and again I have been betrayed."

Later, he discusses some of his older colleagues.

"People work here for a lifetime they never retire. See old faces everyday gets ma ass on fire.

"How do I fly with woman in sixties, they call them air hostesses we call them aunties."

Later, he finishes the rap on a more conciliatory note, saying: "I work with Air India as you know. I love ma company, there is nowhere else I go."

The Pilot's bosses have been left unimpressed by the musical offering.

"He works for us, yes," G.P. Rao, a spokesman for the airline, told Agence France Presse.

"We are looking into the issue. The management will decide how to go about it," Rao said.

The Times of India quoted a senior Air India manager as branding the song "an immature act", and adding that the airline would examine the Pilot's record "before taking a final view" on whether to discipline him.

State-run Air India is the country's fourth-largest airline and has been plagued by crushing debts.

The airline had also suffered from the impact of rising fuel prices and fierce competition, AFP said.

Last year Pilots at the airline staged a two-month strike.

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Tuesday, 19 February 2013

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

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 got a month's salary dues," sources told .
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 collateral 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 collateral 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.

Mallya surprises Kingfisher staff with month's salary, CEO meets DGCA: Sources
Times of India
MUMBAI: 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 ...
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Kingfisher gains on United Breweries loan hopes
Reuters India
The statement came after lenders to Kingfisher said on February 12 that they would take initial steps towards recovering $1.4 billion of loans in default after the company failed to come up with a viable funding plan. UB Group, the parent of both ...
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Effort is not to restart Kingfisher but to realise securities: Pratip Choudhuri
Hindu Business Line
“So far our approach was to try and help the airline to revive itself. But somehow company has not shown enough energy. So, this time the effort is not to restart but to realise securities,” says Pratip Choudhuri ...
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Hindu Business Line
United Breweries Seeks to Lend More to Kingfisher
Wall Street Journal (India)
MUMBAI--United Breweries (Holdings) Ltd. has sought shareholders' approval to provide more loans to group company Kingfisher Airlines Ltd. even as the grounded carrier's lenders decided to recall all their loans. United Breweries, which owns shares in ...
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UB Group hikes loan limit for Kingfisher
Times of India
Shareholders of UB Holdings in September 2008 had approved lending funds to Kingfisher to the tune of a maximum amount of Rs 1,500 crore. Later in 2010, the company got approval of shareholders for a revision within this overall limit, pursuant to ...
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UB Holdings to hike loans to Kingfisher
The Hindu
In an attempt to bail out ailing Kingfisher Airlines and reduce the exposure of its lenders, its parent United Breweries Holdings Ltd. has sought shareholders' approval through postal ballot to provide additional loans of Rs.450 crore to the grounded ...
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Kingfisher shares jump 5% on hike in loan ceiling
Hindu Business Line
“To accommodate further lending to Kingfisher Airlines 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 ...
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Recovering Kingfisher dues will be tardy affair: SBI
Deccan Herald
Government lender State Bank of India (SBI) Monday said its increased non-performing assets (NPA) are due to its exposure to iron, steel and textile sectors while recovering the dues from KingfisherAirlines will be a protracted legal affair. "The ban ...
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Saturday, 16 February 2013

Dr Vijay Mallaya and UB Group tries to pacify Kingfisher Airlines Ltd lenders

In a bid to assuage the irate lenders of Kingfisher Airlines, parent company UB Group on Friday said it would find an early solution to the financial mess of the airline. It said it would use proceeds from the stake sale of a group company to Diageo.

UB Group’s latest move comes two days after Kingfisher Airlines’ lenders threatened to recall the Rs 7,500 crore loans given to Kingfisher Airlines by encashing the corporate and personal guarantees of UB Group and its chairman, Vijay Mallya.

“We have received no formal communication from the Banks till date. We are in continuing discussions with them on ways to bring down their exposure, inter alia, from the proceeds of the Diageo transaction. The banks explicitly support the transaction with Diageo and would work with us in finding an orderly method of disposal of some of the pledged shares to Diageo if appropriate,” said UB group in a statement.

However, the group did not explain how the proceeds from the deal with Diageo would be channelled to Kingfisher Airlines’ lenders.

In early November 2012, Diageo, UB Holdings (UBHL) and United Spirits (USL) had announced a transaction worth Rs 11,100 crore, to give Diageo a controlling 53.4 per cent stake in USL. During that transaction, Diageo and UB Group had announced a 27.4 per cent stake would be acquired by Diageo from USL and UBHL and the remaining 26 per cent from the public shareholders of USL.

As part of the first step of acquiring the 27.4 per cent stake, Diageo is to pay Rs 5,600 crore to USL and UBHL. A sum of Rs 3,200 crore would go into USL, which will be used for its own debt reduction and operations. The rest, Rs 2,400 crore, will go to UBHL, to pay back its lenders and release the pledged shares so that these can be transferred to Diageo. After this transaction, UBHL will hold 13.4 per cent of the enlarged share capital, a majority of which has been pledged.

While announcing the deal with Diageo, Mallya had specifically added that UBHL would look into issues pertaining to Kingfisher Airlines and take appropriate steps. With UBHL’s debt at close to Rs 3,000 crore and a majority of the proceeds from Diageo to be used to reduce it, it would be difficult for UB Group to use the proceeds from the deal with Diageo to pare Kingfisher Airlines’ debt.

According to analysts tracking the company, with USL’s stock price shooting up around 70 per cent during the past six months — it currently trades in the Rs 1,800-Rs 1,900 levels — UBHL could look at offloading a part of its holdings and pay the proceeds to Kingfisher Airlines’ lenders. In addition, UB Holdings has real estate assets, which, when encashed, could fetch about Rs 650 crore. This can also be used to pay off part of Kingfisher Airlines’ debt.

The airline has been grounded for nearly six months and its licence suspended. In addition to the huge dues towards the consortium of banks, Kingfisher is also a defaulter to most of its stake holders such as airport operators, oil marketing companies, aircraft lessors and its 3,000-odd employees. Its accumulated losses stand at close to Rs 8,000 crore.

United Breweries in talks with Kingfisher Airlines' lenders: full statement
Mumbai: United Breweries Group, the parent of Kingfisher Airlines, today said it is in talks with the lenders to the debt-laden carrier to cut their exposure by using the proceeds from a stake sale in a group company, United Spirits, to Diageo Plc ...
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UB Group tries to pacify Kingfisher lenders
Business Standard
UB Group's latest move comes two days after Kingfisher Airlines' lenders threatened to recall the Rs 7,500 crore loans given to Kingfisher Airlines by encashing the corporate and personal guarantees of UB Group and its chairman, Vijay Mallya. “We have ...
See all stories on this topic »

Business Standard
UB Group in talks with Kingfisher Airlines lenders to cut debt
New Delhi: UB Group, the parent of debt-laden Kingfisher Airlines, said it was in talks with lenders to the carrier to cut their exposure by using proceeds from a stake sale in a group company to Diageo Plc. The statement comes days after lenders to ...
See all stories on this topic »

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Friday, 8 February 2013

Subrata Roy Sahara Scandals

The Supreme Court has struck a blow for the little man. Judges have ordered the conglomerate to refund more than $3 billion it had raised from millions of small investors. Add in 15 percent interest, and the bill could be as high as $5 billion. The question is how the sponsor of India's cricket team and owner of New York's Plaza hotel will comply with the ruling.

The case is a high-profile test for India's financial system. In 2008, two unlisted Sahara group companies, with paid up capital of less than $20,000 each, began raising funds through an instrument known as an optionally fully convertible debenture (OFCD). Sahara argued the fundraising was in the form of a private placement. The Securities and Exchange Board of India countered that a private placement should be for a maximum of 50 investors -- not 23 million.

The sums raised by the politically well-connected Sahara group exceed the amount raised in India's largest ever IPO, that of Coal India. Its largely rural investors exceed the total number of retail investors for India's entire universe of listed stocks.

While the outcome of the case is positive, it still raises serious questions over how such a huge mobilisation of funds was allowed to take place at all. Investors were sold a product that benefited from neither the protection associated with a public issue nor the safeguards a depositor would get from putting money in a bank.

The case also highlights the fact that very large quantities of money in rural India is looking for a savings home. India's rural savers deserve better than Sahara. And unless the money is paid back swiftly their confidence in the financial system could take a serious dent.

So how will Sahara manage to return the cash? Over a third of the sum raised through issue of OFCDs has been invested in Aamby Valley, a luxury township project developed by the group in Maharashtra, according to annual reports for the year ended June 2010. Sahara has always maintained that if it loses the case that it has sufficient liquidity to pay the sum back in full. For the sake of India's financial system, it needs to make good on that promise - soon.


- The Supreme Court on August 31 ordered the Sahara conglomerate to refund more than $3 billion it had raised from millions of small investors, reaffirming an order from the capital markets regulator on 30 August.

- The Supreme Court also ordered Sahara to pay 15 percent interest to investors on their deposits, a lawyer on the case said.

- Two unlisted group companies of Sahara, which has interests ranging from financial services and housing to media and sports, had between 2008 and 2011 raised a total of 177 billion rupees from 22 million small investors through an instrument known as an optionally fully convertible debenture.

- The Securities and Exchange Board of India last year ordered the group companies to refund the money, with 15 percent annual interest, after it found that the fund-raising process did not comply with rules.

(Editing by Peter Thal Larsen and Katrina Hamlin)

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

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We all r Living in a seriously Funny World..

If swimming is a good exercise to stay FIT, why are whales FAT??

Why is the place in a stadium where people SIT, called a STAND?

Why is that everyone wants to go to HEAVEN but nobody wants to DIE?

Shall I say that there is racial discrimination even in chess as the WHITE piece is moved FIRST?

In our country, we have FREEDOM of SPEECH, then why do we have TELEPHONE BILLS?

If money doesn't grow on TREES then why do banks have BRANCHES?

Why doesn't GLUE stick to its BOTTLE?

Why do you still call it a BUILDING when its already BUILT?

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If All The Nations In The World Are In Debt, Where Did All The Money Go..?

When Dog Food Is New With Improved Taste, Who Tests It..?

If The "Black Box" Flight Recorder Is Never Damaged During A Plane Crash, Why Isn't The Whole Airplane Made Out Of That Stuff..?

Who Copyrighted The Copyright Symbol..?

Can You Cry Under Water..?

Why Do People Say "You've Been Working Like A Dog" When Dogs Just Sit Around All Day..??)

We all r Living in a seriously funny world..

Kingfisher Airlines woes could hit funding for other Indian Airlines

India could be "shut out" of the market for Aircraft finance if carriers such as troubled Kingfisher Airlines fail to return planes they cannot pay for, a senior banker told Reuters on Wednesday.

Kingfisher (KING.NS) - owned by liquor baron Dr Vijay Mallya - is estimated to owe $2.5 billion to banks, staff and suppliers, and its grounded aircraft are at the centre of airports', banks' and tax authorities' scramble for assets.

Wolfgang Driese, chief executive of Germany's DVB Bank (DVBG.F), which is a major supplier of specialist transport industry loans, said India should step up efforts to show assets can be repossessed when bills go unpaid.

"Otherwise it (India) would shut itself out of the market," he said.

DVB Bank has sued the Directorate General of Civil Aviation (DGCA) and Kingfisher Airlines to have two planes de-registered, a possible first step towards recouping its funds.

"If we are unable to repossess the aircraft, we will not underwrite new business in India," DVB's Driese said. This was likely to send a signal to other banks, he said.

The warning raises industry pressure on Indian aviation authorities to prevent a crisis over Kingfisher, crimping the ability of other fast-growing airlines to take delivery of the latest generation of jets.

The head of International Lease Finance Corp, one of the world's largest lessors, told Reuters last month India could see its aviation ambitions curtailed if it did not provide a "safe harbour" for assets risked by foreign suppliers.

"There are several countries in the world, where we are not doing any business as asset arrests prove impossible or just too time-consuming," DVB's Driese said.

The DGCA must deregister the DVB-financed Airbus planes, now in Istanbul, before the bank can put them to use or lease them out.

Kingfisher has 33 scheduled passenger planes registered in India, according to data from the DGCA. It had a fleet of 64 a year ago, when it was India's No. 2 carrier by market share.

Debt-ridden and with no customers, Kingfisher posted a 7.55 billion rupees loss in the three months to December 31 as its planes sat idle, creditors circled and regulators rebuffed the Indian airline's revival plans.

Aircraft are mostly paid for on delivery, meaning any shortfall in funding could affect the handover of jets on order from manufacturers such as Airbus (EAD.PA) and Boeing (BA.N).

Europe's Airbus has a total of 384 aircraft on order from India that have yet to be delivered, according to end-December data. For its U.S. rival Boeing, the figure is 107 aircraft.

Kingfisher woes could hit funding for other Indian airlines - DVB
Reuters India
FRANKFURT | Wed Feb 6, 2013 9:44pm IST. FRANKFURT (Reuters) - India could be "shut out" of the market for aircraft finance if carriers such as troubled Kingfisher Airlines fail to return planes they cannot pay for, a senior banker told Reuters on ...
See all stories on this topic »
The result was a 47-43 victory for the home team as Hennessey bounced back from a tough Tuesday loss and beat Kingfisher for the second straight year. “The kids definitely feel a rivalry there, so I expected our guys to play well,” Page said. Brady ...
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Sinking Southwest Kingfisher re-floated
The snoek fishing vessel Southwest Kingfisher that sank in the Walvis Bay fishing harbour on 27 January has been successfully re-floated last Sunday by salvage operator, Walvis Bay Diving. Rough seas caused the vessel to slam against another fishing ...
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