It is crucial for chairman Vijay Mallya to provide a concrete revival plan which will help him start operations. He had recently said that he will personally submit proposal to the DGCA.
Saddled with over Rs 7,000 crore debt, the airline has stopped operations since mid 2012 after its employees protested against late payments. The airline has several times said that it is in talks with investors which will help it raise funds, but there has been no development on this front.
KFA had in January this year said that it will resume operations by March with seven aircraft and will later extend it to over 20. However, it has not been able to convince the regulator and also its lenders about how it will raise funds.
According to a report in the Financial Express, State Bank of India has sent a legal notice Tto KFA seeking recovery of loans. KFA can either suggest an out-of-court settlement or take legal recourse, in which case bankers will move the debt recovery tribunal (DRT), the report said further quoting a banker.
Meanwhile, at 10:05 hrs, KFA share was quoting at Rs 7.60, down Rs 0.07, or 0.91 percent.
It has touched an intraday high of Rs 7.84 and an intraday low of Rs 7.55. It was trading with volumes of 216,554 shares.
In the previous trading session, the share closed down 1.79 percent or Rs 0.14 at Rs 7.67.
The share touched its 52-week high Rs 21.00 and 52-week low Rs 7.01 on 12 April, 2012 and 13 August, 2012, respectively.
Currently, it is trading 63.81 percent below its 52-week high and 8.42 percent above its 52-week low.
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