Kingfisher Says Has No Dues To Tax Dept
Published: May 30, 2012
Kingfisher Airlines said on Tuesday that there were no dues to be currently paid to the tax department, after television channels reported that the debt-laden carrier’s bank accounts have been frozen over unpaid tax dues.
Kingfisher, owned by drinks baron Vijay Mallya, has been struggling to repay USD$ 1.3 billion of loans and has cut the number of its flights, as it seeks cash to continue operations.
Kingfisher’s bank accounts were frozen earlier this year by tax authorities for non-payment of tax deducted at source (TDS), severely hurting the company’s ability to keep flying.
The freezing order was later removed after the airline agreed to pay dues on a regular schedule.