In his e-mail message Mr Mallya also said that a "significant" portion of the February salaries would be paid by the month-end
Mumbai: Worried over the possibility of its employees dragging the airline management to the Labour Court over non-payment of salaries, Kingfisher Airline Chairman Vijya Mallya has "assured" the staff of paying their January salaries from Wednesday onwards, airline sources said on Monday.
"Mr Mallya said in his 5th May communication to the employees that the airline will start remitting January salaries from 9th May onwards," sources told PTI quoting from the e-mail message.
In his e-mail message Mr Mallya also said that a "significant" portion of the February salaries would be paid by the month-end, they said.
Mr Mallya's communication to employees comes following its pilots serving a deadline of 8th May to the management for paying January salaries or face strike. Besides, they had demanded that the management should also clear the remaining salary in a phased manner by 30th June.
A section of the staff including pilots and engineers had last week said that they were contemplating moving to the Labour Court to seek its intervention and expedite settlement of their dues.
Meanwhile, Mr Mallya has also expressed hope that the airline would return to the global distribution network of IATA shortly, sources said.
Beleaguered Kingfisher Airlines was suspended for non-payment of dues by the IATA in March from participating in a system which enables airlines to settle their interline billings globally.
Airlines and airline-associated companies join the IATA Clearing House to settle accounts for services provided by them to other airlines or firms.
Kingfisher Airlines has been facing financial troubles for almost a year now. The airline, which never made a profit since its inception in May 2005, reported a net loss of Rs444.26 crore in the December quarter. It suffered a loss of Rs1,027 crore in 2010-11 and has a debt of Rs7,057.08 crore.
Due to the paucity of funds, it now operates only 110 flights a day with a fleet of 20 aircraft against 400 flights per day last year with 66 planes.
The airline had a 6.4% market share in March, and ranked below the budget carrier GoAir, which cornered 7.5% market share in the same period.
The sub-registrar cannot refer the document merely because the value mentioned in the properties are below guideline value rules the Madras High Court
Madurai: The Madras High court bench here has ruled that a Sub-Registrar cannot refer a document, under Stamp Act 1899, to the next authority (Deputy Collector Stamps) merely because the property was valued less than the guideline value, reports PTI.
Justice R Subbiah was allowing a Petition filed by Tirumalai Kannan of Tirunelveli said the Sub-Registrar could refer the document for determination of market value. "Merely (because) the property is valued below the guideline value would not mean that the true market value of the property has not been set out in the document."
"Only if there is a reason to believe that the market value of the property, which is the subject matter of conveyance, has not been truly set forth in the instrument with a view to evade stamp duty, the Sub- registrar can refer the document under the act for determination of market value," the judge said.
The petitioner submitted that he bought two properties for Rs1.50 lakh and Rs2.02 lakh. He had paid stamp duty of Rs18,000 and Rs24,300 respectively.
But the sub-registrar of Ambasuamdhram, under Stamp Duty act, sent the document to the Deputy Collector Stamps, for determining the market value stating the value mentioned in the sale deed was below the guideline value, it was contended.
The appellant authorities including Deputy Collector and IG (Registration) fixed the stamp duty at Rs62,640 and Rs86136 respectively.
The petitioner submitted that the sub-registrar could not refer the document merely because the value mentioned in the properties were below guideline value, and sought to quash the order of the appellant authorities.
The Nifty may dip a bit and then rally
All the Asian indices opened in red after the weak closing in the US on Friday. Slowdown in job creation has raised question mark over the prospects for US growth. Making things worrisome was the outcome of European elections over the weekend where a Socialist victory added jitters about the eurozone's future. On the domestic front both the Sensex and the Nifty too opened in the negative at 16,620 and 5,018 respectively.
In Friday's closing report we had mentioned that we may now see the index falling to the level of 5,045 and then to 5,000. Today in the morning session itself the Nifty was below the second support and went on to hit a low of 4,988, the lowest since 18 January 2012 in the afternoon session. A smart recovery took place after the finance minister announced that GAAR implementation has been postponed for one year. From here the Nifty may dip a bit and then rally If on any day the benchmark closes above previous day's high.The National Stock Exchange (NSE) saw a higher volume of 71.87 crore shares
Back home all the eyes were set on the finance minister Pranab Mukherjee move of taking up the Finance Bill 2012 for debate in Lok Sabha today. In the Budget 2012-13 tabled in the parliament in mid-March 2012, the finance minister had proposed tax-avoidance legislation viz. General Anti-Avoidance Rules (GAAR). He also has proposed to amend the Income Tax Act, 1961 with retrospective effect to bring into tax net overseas mergers and acquisitions involving domestic assets.
However the Sensex and the Nifty could recover from the lows of 16,514 and 4,988 after finance minister said in parliament that the application of GAAR have been deferred by one year and will be implemented from April 2013. Mukherjee also said that the proposed retrospective amendment of income tax laws will not override tax break treaties. In the closing hours the benchmarks hit a high of 16,944 and 5,125. Both the indices managed to gain some strength and end in the positive. After three days of consecutive losses, the Sensex gained 82 points (0.49% up) to close at 16,913 and while the Nifty rose 27 points (0.54% up) to close at 5,114
The advance-decline ratio on the NSE was 804:842.
Among the broader indices the BSE Mid-cap index gained 0.52% while the BSE Small-cap index rose 0.30%.
The top five gainers in the sectoral indices were BSE Capital Goods (up 3.87%); BSE Power (up 1.82%); BSE Metal (up 1.57%); BSE Consumer Durables (up 1.45%); BSE Auto (up 1.23%). The five sectoral indices which fell today were, BSE FMCG (0.72%); BSE Oil & Gas (0.51%); BSE IT (0.41%); BSE Health Care (0.13%); BSE TECk (fell 0.04%).
BHEL (up 6.12%); Larsen & Toubro (up 4.79%); DLF (up 4.34%); Jindal Steel (up 3.54%); Maruti Suzuki (up 2.46%) were the top gainers on the Sensex. The top losers were Reliance Industries (fell 1.53%); Hero MotoCorp (fell 1.21%); Hindustan Unilever (fell 1.17%); HDFC Bank (fell 0.86%); Wipro (fell 0.71%)
The Nifty toppers were BHEL (up 5.56%); BPCL (up 4.84%); Larsen & Toubro (up 4.61%); Jindal Steel (up 4.54%); DLF (up 4.47%). The main laggards were Cairn (fell 2.27%); Jaiprakash Associates (fell 2.25%); HCL Technologies(fell 1.97%); Dr. Reddy's (fell 1.92%); Reliance Industries (fell 1.51%)
Data showed 115,000 jobs were added to the US economy last month, well below the market expectations of 163,000 job additions. In France, Nicolas Sarkozy was ousted as president by socialist Francois Hollande, who has indicated that he wants to renegotiate Europe's fiscal compact, which aims to impose tough budget rules for Europe. In Greece, the two most established parties, the center-right New Democracy Party and the center-left Pasok party -- both supporters of the country's most recent bailout, dealt major blows in parliamentary elections on Sunday.
According to Macquarie, flows into India are likely to remain limited in the near term, as relative valuations of stocks versus emerging markets do not look attractive. It added that India "may be staring at possible negative 12 month forward returns". Controversy over taxation for foreign investors and the macro challenges are the key reasons for net outflows of foreign institutional investors in April vs strong Jan-March inflows.
Nikkei 225 fell 2.78%, Hang Seng fell 2.61%, Taiwan Weighted fell 2.11%, All Ordinaries and Straits Times both fell 2.19%, Kospi Composite Index fell 1.64%, Jakarta Composite fell 1.37%, KLSE Composite fell 0.39%, NZSE 50 fell 0.27%, Shanghai Composite ended flat
All the European indices and American Futures were trading sharply in the red while writing this report
Elder Pharmaceuticals has made a clarification in relation to the news making round that the company considering the sale of nutrition business. The company clarified to BSE that it has no intentions to sell any business nor is in any discussion with any party. The stock rose 4.30% to close at Rs 331.05 on the BSE
IRB Infrastructure Developers fell for the fourth consecutive trading session after Virendra Mhaisker, the promoter, along with two other officials of the company, have been asked to undergo polygraph tests in relation to an investigation in the matter of a murder of RTI activist Satish Shetty. The stock fell 7.03% to close at Rs 119.70 on the BSE