Kingfisher Airlines owes Bangalore International Airport about Rs208 crore towards user development and passenger service fees
Bangalore International Airport Ltd on Friday filed a first information report (FIR) against Vijay Mallya and his ailing Kingfisher Airlines for not paying user development and passenger service fees. According to BIAL, Kingfisher Airlines owes them about Rs208 crore.
"We have filed an FIR against Vijay Mallya and Kingfisher Airlines...," Assistant Police Commissioner Kamalpant was quoted by PTI as saying.
The FIR has been registered at BIAL police station on a direction by a magistrate court here, where BIAL had filed the complaint on 21st October, he said, adding that they received the court order yesterday.
In its private criminal complaint, BIAL has sought action under IPC Sections including 403 (dishonest misappropriation of property), 406 (criminal breach of trust), 418 (cheating) and 120 B (criminal conspiracy) with a direction to police to probe the matter.
BIAL contended that Kingfisher Airlines had collected user development fees and passenger service fees from domestic and international passengers during 2008-12, but after initial stage did not remit the money to BIAL as required under a Director General of Civil Aviation (DGCA) directive.
The DGCA circular of 22 September 2008 said that private airlines should collect user development fees and passenger service fees and remit it to the airport operator.
Hit by financial woes, Kingfisher Airlines has been grounded for the past one year.
Our online survey on mutual fund investing shows that over 90% of Moneylife readers invest through mutual fund schemes and as many as 85% invest in equity diversified schemes. But there are very few takers for index schemes, the survey reveals
A survey conducted among Moneylife readers on mutual fund (MF) investing showed that over 90% of the 941 respondents use MF for investment. Most of the respondents seem to prefer diversified equity schemes (85%) while about half invest in equity-linked saving schemes. This shows that Moneylife respondents, who were equally distributed over all age groups from 20 years to 60 years, turn out to be investment savvy. As we mentioned in our Cover Story (Best Fund Houses for Equity Schemes), very few invest in index schemes, with just about 10% of the respondents having invested in such schemes. Similarly, very few have invested in multi-asset and hybrid schemes. Nearly 30% of the respondents invest in bond schemes and liquid schemes, while nearly one-third of the survey participants invest in gold exchange traded funds (ETFs).
Even though it is said that past performance is not an indicator of future results, it is the best way to judge the fund management of a scheme. Nearly 80% of the participants rate past performances as the most decisive factor for investing in a scheme. In the past, we have shown that schemes of the same fund house follow a similar investment strategy and thus display a similar performance. This survey showed that brand name of a fund house is fairly important to investors as well. Though, certain fund houses like HSBC MF and LIC MF are infamous for their poor performance. Expense ratio is an important factor to look at as well and a high expense could eat up the returns. Nearly 30% of the respondents felt that expense ratio is the most important factor to check before investment in a scheme. A significant majority feel that star ratings, research reports and studies by media houses are fairly important as well.
A large share (69%) of our respondents invest in equity schemes through a systematic investment plan, or simply SIP, which works on a rupee cost average plan. Here, the investors buy more stocks, when the prices are low and buy fewer stocks, when the prices are high. This reduces risk of large amount investing at a wrong time, at high prices. Nearly 70% of the respondents have invested in five or more mutual fund schemes, with over 15% investing in 10 schemes or more. Online investing has not caught on with investors. Majority prefer an electronic transfer through the bank or a cheque payment.
When it comes to selecting a scheme, majority of the participants rely on their own research before selecting a scheme. Nearly 40% of the participants take their advice from financial advisor or financial planners. Little over one-fourth of the participants go by media reports, while a marginally lower percentage of the respondents listen to the advice of the distributor.
Whom do investors consult while investing on mutual funds? What are key factors that influence their decision to invest in the mutual funds? We found that mutual fund distributors play a big role in creating awareness about mutual fund schemes and influencing individuals to invest in mutual funds. Probably, this is one of the main reasons fund houses pay huge upfront commissions. Nearly half the respondents were made aware of a scheme that they have invested in through a distributor. Media also plays an important role. Nearly 40% of the respondents gained knowledge about a scheme through television, print media and internet sites. Fund advertisements also have a significant influence in creating awareness among investors.
During September quarter, Greenply Industries reported 17% decline in its net profit at Rs26.52 crore due to higher costs of imported raw material and expenditure
Greenply Industries Ltd reported a 17% lower net profit during the second quarter mainly due to higher costs of imported raw material and other expenses.
For the quarter to end-September, the plywood maker said its net profit fell to Rs26.5 crore from Rs31.9 crore while its total revenues, including sales, grew 13% to Rs583.8 crore from Rs517.2 crore, same period last year.
"We have achieved a 12% growth in topline and sustained profits during the current half-year and expect better results in the second half of the year on achieving better utilisations and value-mix,” said Saurabh Mittal, joint managing director and chief executive of Greenply.
Plywood and allied products contributed highest in the company’s net sales at 47%, followed by laminates and allied products (35%) and medium density fibre boards (18%).
However, Greenply said its total expenditure during the second quarter increased 16% to Rs535.10 crore compared with Rs459.83 crore a year ago period.
During September quarter the company has acquired land to set up manufacturing unit for setting up of the premium quality medium density fibreboard plant in Chittor, Andhra Pradesh also it has expanded its existing manufacturing unit in Behror, Rajasthan.
At 3.05pm on Friday, Greenply Industries was trading 6.4% down at Rs386 on the BSE, while the benchmark Sensex was marginally up at 20,734.