Saturday, December 17, 2011

India: Has Kingfisher Airlines CEO Sanjay Aggarwal quit?

New Delhi, Mumbai, Bangalore, Dec. 16:

The Chief Executive Officer, Kingfisher Airlines, Mr Sanjay Aggarwal, is believed to have put in his papers. A final decision on Mr Aggarwal will only be known after the airline board approves the move. He joined Kingfisher in September last year.

An airline spokesperson however denied that Mr Aggarwal had put in his papers. “These are rumours which have been floating for some time now,” he said. Text messages sent to Mr Aggarwal seeking his comment remained unanswered.

Meanwhile, banking circles, involved with the restructuring of airline debt, told Business Line a “big announcement” is expected on Saturday. Sources indicated that rumours about Mr Aggarwal leaving Kingfisher Airlines have been around for some time now.

In the recent past, airline staff have had meeting with a Senior Vice-President, Mr Hitesh Patel, to air their grievances and seek answers to when their dues would be cleared.

Mr Aggarwal is believed to not have been involved in key negotiations the airline has been engaged in.

The airline, which has accumulated debt of over Rs 7,200 crore, saw losses more than double to Rs 469 crore in the quarter ended September this year. During 2010-11, Kingfisher had incurred a loss of Rs 1,027 crore.

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