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Kingfisher Airlines Edges Closer to Shut-down
India's debt-crippled Kingfisher Airlines edged closer to the brink yesterday after nearly a week of mass cancellations of flights and the resignation of dozens of the low-cost carrier's pilots.
Vijay Mallya, the flamboyant drinks baron who owns a majority stake in Kingfisher, said he was determined to keep the airline flying and blamed a cash crunch on the tax authorities who have frozen its bank accounts over outstanding dues.
"I am absolutely committed to keeping the airline going unless some government agency wishes to ground it," Mallya told reporters. "The point is our bank accounts have been frozen by income tax authorities very suddenly and that has crippled us."
The Directorate General of Civil Aviation (DGCA) has asked the carrier to explain the cancellation of more than 100 flights since Saturday. Of the 64 planes in its fleet, Kingfisher is using just over a dozen to operate flights currently, stranding thousands of passengers at airports across the country. (Various)
(published on 02/22/12)