Suspension of flying licence implies an immediate halt to all bookings on the entire Kingfisher network as well as through travel agents, civil aviation ministry officials said
Aviation regulator Directorate General of Civil Aviation (DGCA) today suspended the flying licence of beleaguered Kingfisher Airlines for failing to come up with a viable plan for its financial and operational revival and resolve the impasse with its employees over payment of their salary dues, reports PTI.
DGCA has suspended the Scheduled Operator Permit of Kingfisher Airlines till further orders, civil aviation ministry officials said.
Suspension of flying licence implies an immediate halt to all bookings on the entire Kingfisher network as well as through travel agents, the officials said.
The liquor baron Vijay Mallya-owned carrier has been saddled with a loss of Rs8,000 crore and a debt burden of another over Rs7,524 crore, a large part of which it has not serviced since January. The airline currently has only 10 operational aircraft compared to 66 a year ago.
Asked why the license was suspended, the officials said the government did not want a situation where the airline, which was on cash-and-carry mode for almost all service providers, re-starts operations and then keeps flying in fits and starts, as has been happening since last year-end.
The airline, under a lockout since October one and resultant suspension of entire operations, had on Friday sought more time to respond to the DGCA’s show-cause notice but did not give any timeline by which it would do so.
The DGCA had issued the show-cause notice on 5th October to the crisis-ridden carrier asking why its flying licence should not be suspended or cancelled as it was not adhering to its flight schedule and “abruptly cancelling its flights time and again during the last 10 months”, causing great inconvenience to the travelling public.
The aviation regulator had given the airline 15 days to respond, the deadline for which expired today.
The medium-term trend is down
The Indian market ended the week with marginal gains as the benchmarks fluctuated between gains and losses. Corporate results announced in the week influenced company-specific stocks while headline inflation for September rose to 7.81% on higher food prices and the hike in diesel prices. Investors will continue to focus on the quarterly earnings reports and the Reserve Bank of India’s policy review, slated for 30th October.
The Sensex closed the week at 18,682, up seven points (0.04%) and the Nifty settled eight points (0.14%) higher at 5,684. The market has failed to break out of the consolidation zone and the medium-term looks down.
The market settled in the positive on Monday on the back of optimism from Europe. Selling pressure in blue chips saw the market ending lower on Tuesday. The benchmarks ended marginally higher on Wednesday on buying support towards the end of the trading session.
The market closed firm on Thursday on positive global cues and gains in rate-sensitive sectors on hopes that the festival season would spur demand. However, the market snapped its two-day winning streak and settled lower on the last trading day of the week on selling in power, metal and capital goods stocks.
BSE Fast Moving Consumer Goods (up 3%) and BSE Consumer Durables (up 2%) were the top sectoral gainers whereas BSE Metal (down 3%) and BSE Realty (down 1%) were the top losers.
Among Sensex stocks, ITC (up 5%), Hero MotoCorp (up 4%), Tata Power (up 4%), Bharti Airtel and HDFC (up 2% each) were the key gainers. GAIL India (down 5%), Mahindra & Mahindra (down 4%), Tata Steel, Sun Pharmaceutical and Jindal Steel & Power (down 3% each) were the main losers on the benchmark this week.
The Nifty toppers were Axis Bank (up 7%), ITC (up 5%), HCL Technologies, Hero MotoCorp (up 4% each) and Bharti Airtel (up 3%). The main laggards were ACC, DLF (down 6% each), GAIL (down 5%), Ambuja Cement and M&M (down 4% each).
Costlier diesel fuelled India’s headline inflation, as measured by the Wholesale Price Index (WPI), to a 10-month high of 7.81% in September from 7.55% in August. The September figure is the fastest pace of price rise since November 2011 when inflation was 9.46%.
The government on 13th September raised the diesel price by over Rs5 a litre which has pushed up the inflation of “fuel and power” category to 11.88%, from 8.32% in August. With regard to diesel, inflation for the segment rose by 8.94%, from 0.36% in the previous month.
Reliance Industries, India's largest private sector company, on Monday reported a 5.7% fall in its second quarter net profit to Rs5,376 crore from Rs5,703 crore even as its total revenues, including sales, increased 15.4% to Rs93,265 crore.
TCS, India's largest IT services company on Friday reported a 49.2% growth in its second quarter net profit on increased revenues. For the quarter to end-September the company’s consolidated net profit rose to Rs3,434 crore from Rs2,301 crore, while its total revenues on a consolidated basis grew 34.3% to Rs15,621 crore from Rs11,756.2 crore, same period last year.
FMCG major ITC posted a 21% rise in its second quarter net profit to Rs 1,836 crore compared with Rs 1,514 crore during corresponding period last year. Net sales grew 20% to Rs 7,146 crore over Rs 5,974 crore same period last year.
The global slowdown is being reflected in lower earning for the September quarter across the world, analysts pointed. Meanwhile, German Chancellor Angela Merkel raised new barriers on Friday to using the Eurozone’s rescue fund to inject capital directly into ailing banks from next year, dashing Spain's hopes of soon removing the cost from its strained national debt.
Near Vasant Kunj’s ‘Green Avenue’, shielding residences of Delhi’s super elite, Veeresh Malik discovers one man’s mission to save the destitute
The people at the tea stall, where I stopped to ask for directions, give me an indication—everybody knows where The Earth Saviour’s Foundation (TESF) is located.
As I park my car next to brilliantly manicured green lawns, I notice some temporary shelters housing about four dozen elderly people and a couple of hundred young children in school uniforms, on the other side under tents—it is all about the circle of life. Suddenly it strikes you—the balance between the young and evolving next to the old and fading away. These are abandoned, destitute, mentally-challenged elderly people rescued from the mean streets of life who will, in all probability, leave the premises only on their final journey. The young children, some of them also rescued from the same mean streets, will hopefully move on to make something of their lives. Both sets are bound by an important element they find at the shelter—respect. And that is what makes TESF different.
There is something so natural about this simple balance of the young and the old that TESF’s other activities, more on the ‘environmental’ side, also fit into a natural whole. In a brief four years of operations, TESF has grown phenomenally; its website lists a series of activities—from rescuing destitute women, to anti-noise pollution to working towards controlling fire-crackers to responding to the needs of providing decent funerals to unclaimed dead to promoting electric cremations, TESF seems to have taken multi-tasking forward in a sector which often gets stuck on one specific function.
Ravi Kalra, the man behind this pro-humanity drive, has certainly had a chequered life. Son of a police officer, he cut his own path, teaching martial arts to the uniformed forces. He then dabbled in a variety of businesses in which he reportedly did well, but a major turning point came when it all collapsed. Recovering from this setback, he revived his martial arts into a successful venture, but again, decided to hand it over to his brother and focus on trying to give something back to society.
Initially, he worked on rescuing the elderly abandoned in and around Delhi. Some of the stories he relates—of elderly parents being thrown into the streets, of unwell siblings abandoned outside hospitals, of people incapable of looking after themselves, of handling funerals—are simply mind-boggling. Soon he realised that there was a major problem with street children too and started working on that as well.
Essentially, TESF, set up in 2008, rescues the young and the old from the streets, cleans them up, provides basic medical assistance, gives them food and shelter for the rest of their lives and, eventually, ensures they get a dignified funeral (Mr Kalra also helps cremate hundreds of unclaimed bodies). The children are a mix of street and impoverished neighbourhood children, who are provided day-school facilities till about pre-puberty.
TESF has four ambulances, plenty of computers to put order into their activities and I watched bags full of old clothes being sorted out. TESF was started with Mr Kalra’s personal funds; your donations to it will be eligible for tax exemption under Section 80G of the Income Tax Act. However, what Mr Kalra would really want from people is more volunteering. He wishes that people would just come to meet the abandoned elderly since many of them still crave for their family.
Getting like-minded people on board is a challenge, and it is his hope to some time build a ‘pukka’ construction. The basic philosophy is simple—‘do what you can, don't expect to change or improve matters too much, and certainly concentrate on the effort, the results will follow’. If you like the thought, do go out and volunteer. All that is asked of you is friendship and empathy!
The Earth Saviour’s Foundation
34, Green Avenue Road,
(near D Block Church) Vasant Kunj,
New Delhi - 110070
Ravi Kalra: Founder & President 91-9818171695
[email protected] | www.earthsaviours.in