Timeline: The rise and fall of Vijay Mallya

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Tuesday, Apr 18, 2017

May 09, 2005

Vijay Mallya, Chairman of United Breweries (Holdings) Limited, starts a premium, luxury airline-Kingfisher Airlines.

May 08, 2007

Mallya eyes stake in crisis ridden Air Deccan owned by Capt Gopinath.

June 02, 2007

Mallya decides to take over Air Deccan that was going under. With a combined fleet strength of 71 aircrafts.

January 2008

Air Deccan takeover is formalised. United Breweries pays a markup of Rs. 550 crore for their stake of 26 per cent in the company.

March 2008

Kingfisher accrues a debt of Rs 934 crores due to rising oil prices, spiking working cost stress of a premium and an ailing airline.

September 2008

Kingfisher flies its first international flight. Flight between Bengaluru and London.

2009

The consolidated debt of the airline accumulates to a massive Rs5,665 crore that increases to Rs7,000 crore. IDBI bank provides a loan of Rs900 crore to the airline.

August 31, 2009

Kingfisher’s board approves a resolution to raise $100 million by various instruments including Global Depository Receipts (GDRs). This was in addition to in addition to the decision for induction of capital for an amount not exceeding Rs500 crore by a rights issue of equity shares.

November 4, 2009

Kingfisher reports a net loss of Rs 418.77 crore during the second quarter of the fiscal. Its income from operations also declines by 13.6 per cent during the quarter compared to the same period last year. In view of the huge losses and capacity reduction, Kingfisher decides to lay off nearly 100 pilots.

November 2010

Banks give the airline an ultimatum of nine months to pay back the entire loan amount.

September 30, 2010

Kingfisher Airlines appoints Sanjay Aggarwal as CEO. Aggarwal is the former CEO of SpiceJet.

November 25, 2010

Kingfisher Airlines Board approves debt recast package. The airline’s debt stood at over Rs6,000 crore.

December 1, 2011

Mumbai International Airport Pvt. Ltd. sends a notice to the cash-strapped airlines to pay the Rs90 crore outstanding dues.

December 9, 2011

The Service Tax Department freezes 11 accounts of Kingfisher Airlines for non-payment of Rs70 crore.

February 16, 2012

Kingfisher Airlines, reports a loss of Rs444.26 crore at the third quarter results for 2011-12.

February 20, 2012

Kingfisher Airlines cancels several of its flights after reports of the Income-Tax Department freezing some of its accounts.

February 23, 2012

The carrier operates a truncated schedule and faced the prospect of losing a number of prime flying slots.

March 8, 2012

Another blow to Kingfisher with International Air Transport Association asking travel agents to immediately stop booking tickets on the private airline’s behalf for failure in settling dues since February.

March 12, 2012

Further trouble, as employees protest delays in salary payment.

March 15, 2012

Kingfisher announces curtailing of its international operations.

March 17, 2012

Revenue department threatens to take Kingfisher Airlines to court over alleged service tax evasion, saying the company has not deposited taxes it collected from travellers.

July 5, 2012

A two-week time is given by the company’s lenders to come up with a plan to improve its operations. The airlines had a total outstanding debt of around Rs.7,500 crore to a consortium of 17 banks led by State Bank of India (SBI).

October 1, 2012

Unpaid staff protest in Delhi, Mumbai and other airports and almost all of Kingfisher’s flights from all stations were cancelled as engineers did not certify the planes to fly.

October 12, 2012

A non-bailable arrest warrant issued against Vijay Mallya, and four other directors for non-appearance in cases relating to bouncing of cheques issued in favour of GMR Hyderabad International Airport Limited (GHIAL) towards user charges.

October 20, 2012

The airline’s permit got suspended and experts said Vijay Mallya’s United Breweries group needs to pump in over Rs. 3,000 crore to get Kingfisher airborne again as no foreign operator would come forward to invest in the airline in its present state.

December 31, 2012

The carrier loses its flying licence as the DGCA refused to renew its Air Operator Permit (AOP).

March 10, 2013

DGCA asks the carrier to clear all dues, including pending salaries of employees, before seeking licence renewal.

February 12, 2014

Kingfisher Airlines reported a net loss of Rs. 822.42 crore for the third quarter ended December 31, 2013.

September 1, 2014

United Bank of India declares Mallya and three directors of Kingfisher Airlines as wilful defaulters.

March 8: 2016

Banks move Supreme Court to ban Mallya’s overseas travel.

March 9, 2016

Mallya left India on March 2, government tells court.