Sunday, October 12, 2014

Kingfisher Airlines faces scrutiny for accounting lapses, possible violations of Companies Act

New Delhi: Grounded carrier Kingfisher Airlines is facing a close regulatory scrutiny over suspected lapses in its accounting practices and the Corporate Affairs Ministry is looking into possible violations of Companies Act. The airline, part of Vijay Mallya-led UB Group, has been grounded since October 2012, after being bogged down by huge and mounting losses.

The Ministry is closely looking at possible violations of companies law by Kingfisher Airlines, especially with regard to accounting practices, sources said. Taking note of the observations made by the carrier's statutory auditors, the Ministry has also sought an update from the Registrar of Companies (RoC) about the financial aspects of the company for the 2013-14 financial year.
12/10/14 PTI/Daily News & Analysis
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