New Delhi/ Bangalore: Kingfisher Airlines’ problems seem to be never ending: While an income tax (I-T) tribunal directed it to clear its dues in weekly installments from April 7, a government official said the civil aviation regulator might take action against the troubled airline, if its employees and vendors were not paid soon.
But the cash-strapped carrier is likely to get more time to repay its service tax dues. Also, it named three independent directors on its board to comply with rules, after the last of its independent directors quit last week amid growing concerns over its survival.
The Bangalore bench of the I-T Appellate Tribunal directed Kingfisher to pay the remaining amount of the outstanding demand of Rs 349 crore to the I-T department in weekly installments of Rs 9 crore, starting from April 7. Kingfisher was also directed to furnish a bank guarantee against the weekly installments.
The bench had ordered Kingfisher to make a payment of Rs 44 crore of the outstanding demand on or before yesterday, which the airline complied with. It directed the department to lift the attachment of bank accounts immediately, so that Kingfisher could start smooth functioning and would be in a position to make the payments.
29/03/12 Business Standard
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