Thursday 8 November 2012

Is it worth to Work with persons Like Dr Vijay Mallya Or Mr Gopal Goyal Kanda just for sake of big Money ?


Dr Vijay Mallya 
Shri Gopal Goyal Kanda 

Cheated many Poor Pilots, Engineer and Other Airlines Professionals ? 

When these Guys would stop ?

Is it worth to Work with persons Like Dr Vijay Mallya

Or Mr Gopal Goyal Kanda just for sake of big Money ?  

Is Kingfisher Airlines Ltd a Big Time Scam ?

Kingfisher Airlines auditor hints scam?

Flagging concern over the financials of Kingfisher Airlines, its auditors have said the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income and expenses.

The carrier today posted net loss of Rs 754 crore for the fiscal's second quarter ended September 30 - a widening of 61 per cent from Rs 469 crore in the year-ago quarter – taking its accumulated losses to close to Rs 9,000 crore.

In their 'limited review report' for its second quarter results, the auditors said the losses would have been Rs 1,031.77 crore if their certain "observations" about the company's accounting procedures had been considered.

Besides, its 'reserves and surplus' would have been a debit of Rs 12,155 crore as on September 30, 2012, as against a debit of Rs 7,339 crore reported by the company, auditors said.

The "observations" refer to the issues flagged by the auditors about the financial statements being reviewed by them.

The auditors have drawn attention to Kingfisher's financial statements being prepared on a 'going concern' basis despite its net worth having been eroded.

"The appropriateness of the said basis is inter-alia dependent on the company's ability to obtain restoration of the scheduled air operator's permit by the DGCA, infuse requisite funds for meeting its obligations, rescheduling of debt and resuming normal operations," the auditors said.

Kingfisher's Q2 revenues plunged to Rs 200 crore, from Rs 1,553 crore in the same period last year because of disruption in operations and eventual suspension of its licence by aviation regulator DGCA.

New storm: Airlines scrap flights
Indian Express
A new storm brought heavy rains, snow and powerful winds to New York and New Jersey, leaving over 1700 flights cancelled and thousands of residents without power in the US East Coast, which is still reeling under the devastating impact of hurricane ...
See all stories on this topic »
Big airlines suspend New York flights for one day
Times of India
The Port Authority, which runs the airports, said "due to inclement weather forecasted for Wednesday, November 7th through Thursday, November 8th, travelers (at JFK) should check with their airlines for the status of their flights." The gale is not ...
See all stories on this topic »
Kingfisher Airlines auditor hints scam?
Indian Express
Flagging concern over the financials of Kingfisher Airlines, its auditors have said the carrier's second-quarter net loss would have been much higher, at about Rs 1,032 crore, had it followed "generally accepted accounting standards" for certain income ...
See all stories on this topic »
Kingfisher Airlines posts net loss; pressure mounts
Reuters India
NEW DELHI (Reuters) - Debt-ridden Kingfisher Airlines(KING.NS) put on a brave face on Thursday after announcing a record loss for the second quarter, saying a recovery plan is in the works and its grounded jets will take to the skies soon. The airline ...
See all stories on this topic »
Airlines, airport told to prepare for fog
Times of India
NEW DELHI: In anticipation of fog in the coming winter months, civil aviation minister Ajit Singh has asked airlines and airport management to take all steps essential in maintaining smooth operations without inconveniencing passengers during days of ...
See all stories on this topic »
Kingfisher Airlines loss widens to Rs.754 cr
Mumbai: The losses of Kingfisher Airlines Ltd widened to Rs.753.55 crore for the September quarter of the current fiscal against Rs.468.66 crore for the corresponding quarter of the previous year owing to high finance costs, redelivery of planes and ...
See all stories on this topic »

Kingfisher Airlines Limited Financial Result Updates
Kingfisher Airlines Limited Financial Result Updates. Kingfisher Airlines Limited has submitted to the Exchange the Standalone Financial Results along with the Limited Review Report for the period ended September 30,2012. More Announcements on: ...
See all stories on this topic »
Air India vacates Airlines House
Times of India
THIRUVANANATHAPURAM: Air India has moved its staff from the iconic Airlines House, the erstwhile Indian Airlines ticketing office located at Mascot Hotel junction, into the Air India office at Vellayambalam. While the move is considered to be part of ...
See all stories on this topic »
Airlines Expect Slightly Busier Thanksgiving
Wall Street Journal
U.S. airlines expect to carry 23.7 million passengers over the Thanksgiving travel period, about 150,000 more than last year but still 10% below the peaks reached in 2006 and 2007, according to industry trade group Airlines for America. John Heimlich ...
See all stories on this topic »

NEW DELHI: State run banks will be able to take a final decision on their lending towards the beleaguered Kingfisher AirlinesBSE 3.18 % only after December 31. Central Bank of India, which has an exposure of Rs 350 crore towards KingfisherBSE 3.18 % Airlines, said that the bank will toe the line which the 17 bank consortium will take. "We alone will not be deciding but the issue of recovery will arise only after December 31 when the license of the airline expires," said Central Bank of IndiaBSE -0.85 % executive director RK Dubey.

Dubey said that the Government has done its part by allowing FDI in domestic airlines and now it is Mallya's turn to bring in the funds. Defending the increase in Net NPAs or bad loans to 3.80% this quarter as against 3.22% last fiscal, Dubey said that the bank's focus is on asset quality improvement, mostly in retail and SME sector. The bank also aims to reduce its bulk deposit to around Rs 50,000 crore. On Wednesday, country's largest lender State Bank of IndiaBSE -2.62 % had said that Kingfisher Airline should attend to capital needs urgently and around $1 billion will be a good starting point.

SBI's chairman Pratip Chaudhuri had said that the banks are not interested where the capital is coming from-whether it is coming from Mallya, his group company, outside Indian, overseas, or airlines. Kingfisher Airlines has an outstanding exposure of around Rs 7,000 crore towards 11 state-run banks. SBIBSE -2.62 %, the leader of the consortium, has an exposure of Rs 1,458 crore. Much of the lending to the grounded airline has already been classified as NPA.

No comments:

Post a Comment