Companies & Sectors
Kingfisher aircraft impounded over non-payment of service tax

Vijay Mallya-owned Kingfisher Airlines owe around Rs190 crore to the Service Tax Department, of which Rs127 crore are under litigation

Mumbai: The Service Tax Department has impounded an aircraft of the grounded Kingfisher Airlines for defaulting tax dues amounting to Rs63 crore, officials said Tuesday, reports PTI.
"We have seized one ATR aircraft of the Kingfisher Airlines as the carrier has failed to clear our dues," Mumbai Service Tax Commissioner SK Solanki told PTI.
The beleaguered airline owes around Rs190 crore to the Service Tax Department, of which Rs127 crore are under litigation.
The Vijay Mallya-owned carrier on Tuesday said it has received a notice from the service tax department to which it has already responded.
"Since the aircraft is taken by Kingfisher purely on operating lease basis and the airline is only a lessee of the aircraft (not the owner), it does not feature as an asset in the books of accounts of Kingfisher," the Airline said.
Kingfisher has been grounded since 1st October following a strike by its pilots and engineers over non-payment of salary dues and its flying license has been suspended.
The cash-strapped airline is also facing eviction from Mumbai airport for Rs22 crore dues towards parking and navigational charges.


Sahara saga gets a strange twist

Sahara India, a strange business group, has managed to get three months of time to repay...

Premium Content
Monthly Digital Access


Already A Subscriber?
Yearly Digital+Print Access


Moneylife Magazine Subscriber or MSSN member?

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
No festive season hangover in November as car sales dip 8.25%

The carryover from the festive season was not there in November and auto market continues to be tough due to the same reasons such as the high interest rates and fuel prices, and low consumer sentiments

New Delhi: Passenger car sales in India declined by 8.25% in November as the festive season spirit failed to prolong enthusiasm among consumers, whose sentiments remained low due to high interest rates and fuel prices and other macro-economic factors, reports PTI.


With a subdued growth in sales of two-wheelers, Society of Indian Automobile Manufacturers (SIAM) said it may revise the forecast downward for 2012-13 next month.


According to November sales data of automobiles released by SIAM, the total sale of vehicles across categories registered an increase of 1.79% at 15.15 lakh units last month as against 14.9 lakh units in the year-ago month.


In the domestic passenger car segment, sales fell by 8.25% to 1.6 lakh units last month compared to 1.7 lakh units in the same month last year.


"The carryover from the festive season was not there. Market continues to be tough due to the same reasons such as the high interest rates and fuel prices, and low consumer sentiments," SIAM Director General Vishnu Mathur told reporters.


This is the steepest decline since August 2012 when the sales dropped by 18.6%, he added.


Talking about the current month, Mathur said: "December month looks to be even worse as historically we never had higher sales in the month compared to October and November".


When asked if the industry body will revise the yearly car sales forecast for the fourth time next month, he said SIAM may not revise it as the April-November sales growth stands at 1.28%, which falls within the forecast of 1-3% for the fiscal.


"...but for the two-wheelers that (sales growth forecast for FY13) was at 4.05% for the period, is lower than 5-7% for the fiscal. Therefore, we may have to revise it," Mathur said.


He said the overall slow economic growth of the country and consumers becoming insecure about their jobs has compounded problems and has hit the entry level small car segment.


During the month, market leader Maruti Suzuki's sales rose by 2.35% to 74,793 units. Rival Hyundai Motor India's sales, however, decreased marginally to 34,698 units.


Homegrown auto major Tata Motors' car sales were down by 42.5% at 13,538 units.


In the two-wheeler segment, total sales in November 2012 rose by 1.23% to 11.8 lakh units from 11.6 lakh in November, 2011.


Motorcycle sales last month went up marginally to 8, 67,518 units from 8,67,088 units in the year-ago month.


We are listening!

Solve the equation and enter in the Captcha field.

To continue

Sign Up or Sign In


To continue

Sign Up or Sign In



The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)