What happened Vijay Mallya?
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What happened Vijay Mallya?
LONDON: Fugitive Indian businessman Vijay Mallya was declared bankrupt on Monday by the Insolvency and Companies Court of the London high court. Though the order takes effect immediately, he has the option to seek permission to appeal from a higher court.
Kingfisher Airlines was delisted by NSE in 2018 and you will not be able to sell these shares at present and in future. The easiest way to take care of this issue is to transfer these shares in the demat account of your family member or relative or friend who plan to use demat account for their regular investments.
Can delisted shares be transferred?
If a company is delisted, you are still a shareholder, to the extent of a number of shares held. And yet, you cannot sell those shares on any exchange. However, you can sell it on the over-the-counter market. This means you can look for a buyer outside the stock exchange.
What happened to Kingfisher Airlines?
Vijay Mallya and Kingfisher Airlines debt default row: But as oil prices started to climb (an average of $72.68 a dollar between 2005 and 2010) and the company struggled to run a business that included a full-service airline and a low-cost carrier, its finances floundered and its debt burden and losses surged.
Was corporate ethics compromised in Kingfisher airlines-Deccan Aviation merger?
A probe by the Serious Fraud Investigation Office (SFIO) in India found that corporate ethics were compromised in the merger between Kingfisher Airlines and Deccan Aviation Limited. Kingfisher Airlines had created three new departments in the airline to avoid paying capital gains tax.
What is the Kingfisher Airlines debt default row all about?
Vijay Mallya and Kingfisher Airlines debt default row: In 2012, Kingfisher Airlines was grounded, leaving its employees with unpaid salaries. The company had allegedly not deposited its employees’ provident fund to the government and had run losses in excess of Rs 4,000 crore in 2012-13.
Why did Vijay Mallya’s Air India fail?
Mallya did not stop operations in spite of making only losses and allowed shareholders and customers to be under the illusion the airline was functioning properly. In 2012, the losses of the airline were publicly discussed when Mallya failed to pay the salaries of his employees.