Mumbai: State Bank of India (SBI) today said Kingfisher lenders have decided to release funds to the debt-ridden airline on "humanitarian grounds" considering that its employees have not been paid fpr the past seven months.
"The money that has been released by the tax authorities, 80 per cent of that will be made available to the company on humanitarian grounds, specifically to pay salaries of the employees," SBI Chairman Pratip Chaudhuri told reporters here.
Sources had said bankers after an emergency meeting yesterday had agreed to release funds from escrow accounts, which is likely to fetch up to Rs 60 crore for the carrier.
SBI heads the consortium of 17 lenders to the crippled carrier. Chaudhuri, however, did not divulge the total quantum of the money banks were having.
05/10/12 Indian Express
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"The money that has been released by the tax authorities, 80 per cent of that will be made available to the company on humanitarian grounds, specifically to pay salaries of the employees," SBI Chairman Pratip Chaudhuri told reporters here.
Sources had said bankers after an emergency meeting yesterday had agreed to release funds from escrow accounts, which is likely to fetch up to Rs 60 crore for the carrier.
SBI heads the consortium of 17 lenders to the crippled carrier. Chaudhuri, however, did not divulge the total quantum of the money banks were having.
05/10/12 Indian Express
