Shares of Kingfisher Airlines (KFA) were locked at 5 percent upper circuit on Friday after the company agreed to pay six months' salary to its employees.
CNBC-TV18, quoting government sources, reported that CEO Sanjay Aggarwal met Directorate General of Civil Aviation (DGCA) officials on Thursday. According to sources, Kingfisher told DGCA that they will pay 6 month's salary to its staff soon. "We will use funds from United Spirits-Diageo deal for salaries and want Kingfisher slots to be retained, especially at Mumbai airport," Kingfisher said.Meanwhile, DGCA told KFA that paying salaries is not sufficient to revoke licence suspension.
08/03/13 Moneycontrol.com
