Report of the Directors
To The Members,
Your Directors present the 18th Annual Report along with the Audited Accounts of your
Company for the year ended March 31, 2013.
Operations
Your Company’s operations during the year ended March 31, 2013 have resulted in:
|
|
(Rs. in million) |
|
Year ended March 31, 2013 |
Year ended March 31, 2012 |
| Gross Income |
6,834.61 |
58,239.08 |
| Earnings before financial charges, lease rentals, depreciation & amortization and
taxes (EBITDAR) |
(8,294.07) |
(259.90) |
| Less: |
|
|
| Depreciation & Amortization |
2,387.82 |
3,418.66 |
| Lease Rentals |
7,100.81 |
10,584.54 |
| Financial charges |
14,361.55 |
12,763.35 |
| Profit / (Loss) before taxes |
(32,144.25) |
(27,026.45) |
| Provision for taxes (including FBT) |
- |
11,180.85 |
| Net Profit / (Loss) from ordinary activities after tax |
(32,144.25) |
(15,845.60) |
| Exceptional Item |
10,866.95 |
7,434.48 |
| Net Profit /(Loss) after tax |
(43,011.20) |
(23,280.08) |
Operations
During the year under review, in view of the difficult operating environment as well as
the engine problems, your Company’s airline operations and finances were severely
affected. United Breweries (Holdings) Limited has filed a suit in the City Civil Court at
Bangalore against International Aero Engines AG, its shareholders / joint venture partners
and your Company being O.S. No. 6406 of 2012, alleging that the IAE V-2500 A5 engines
supplied to your Company were inherently defective, both in design and manufacture, and
has claimed damages of USD 210,400,000 plus Rs. 1621,000,000 (aggregating to approximately
Rs.14,771 million as per the current exchange rate of approx Rs. 62.5 per US Dollar) and
has reserved liability to claim further damages. No relief is sought against your Company
in the said suit. Your Company discontinued international operations with effect from
April 1, 2012. Thereafter for the reasons mentioned above, coupled with coercive action by
the tax authorities who attached your Company’s accounts as well as the sources of
revenue to your Company, your Company defaulted in its payments to several creditors and
also delayed payment of salaries to its employees. Certain sections of employees resorted
to sudden absence from work periodically, making it impossible for your Company to
maintain its schedule integrity. The Director General of Civil Aviation ("DGCA")
suspended your Company’s Scheduled Air Operator’s Permit ("SOP") on
October 5, 2012 and the SOP expired by efflux of time on December 31, 2012. As per civil
aviation regulations, your Compnay has a period of 2 years to renew the SOP. Your Company
has submitted its application for renewing your Company’s SOP as also a revival plan
for renewing the SOP and reviving the operations of your Company in a phased manner, which
is under consideration of DGCA.
The revival plan has also been shared with the Lenders to your Company who however have
been generally unsupportive of your Company’s efforts to revive the airline causing
further hardship to your Company. Nevertheless, your Company diligently continues its
efforts to bring in fresh infusion of funds into your Company and discussions with various
prospective investors are underway, despite the persistent negative media statements being
made by the Lenders about your Company as well as the hostile recovery action initiated by
the Lenders proving to be a major concern for these investors.
United Breweries (Holdings) Limited ("UBHL"), Dr.Vijay Mallya and Kingfisher
Finvest (India) Limited have filed a suit in the Hon’ble Bombay High Court, being
Suit No. 311 of 2013 ("the Suit") against the consortium of bankers (Bombay
Suit) who have advanced loans to your Company, inter alia, seeking the following reliefs:-
(a) For a declaration that the Corporate Guarantee dated 21st December, 2010 given by
UBHL, the Personal Guarantee dated 21st December, 2010, given by Plaintiff 3 (Dr. Vijay
Mallya), the Pledge Agreement dated 21st December, 2010, are void ab-initio and non-est;
(b) For a permanent order and injunction restraining the Defendants 1 to 18, their
servants, agents or assigns, or any other person claiming by, through or under them or any
of them, from acting upon, in furtherance or in any manner giving effect to the impugned
Notices dated 16th March, 2013, or from taking any other or further steps to act upon or
in furtherance of the Pledge Agreement dated 21st December, 2010, save and except in
accordance with the procedure set out in clause 8.1 of the MDRA, issuing a notice
thereunder;
(c) For an order and declaration that the transfer of 26,46,155 and 1,00,00,000 equity
shares in USL and MCFL respectively held by Plaintiff 1 (UBHL), from the DP Account of
Plaintiff 1 to the DP Account of Defendant 18, done pursuant to the impugned Notices is
without the authority of law and void;
(d) That Defendants 1 to 18 be ordered and directed by a mandatory order of this
Honble Court to restore status quo ante for all acts, deeds and things done pursuant to
the said impugned Notices;
(e) For a permanent order and injunction restraining the Defendants 1 to 18, their
servants, agents or assigns, or any other person claiming by, through or under them or any
of them, from acting upon or in furtherance of the Corporate Guarantee dated 21st
December, 2010 given by UBHL, the Personal Guarantee dated 21st December, 2010, given by
Plaintiff 3 (Dr. Vijay Mallya) and the Pledge Agreement dated 21st December, 2010;
(f) That an order and decree of damages of the sum of Rs. 3199.68 crores as set out in
the Particulars of Claim be awarded to the Plaintiffs;
(g) Pending hearing and final disposal of the Suit, for a temporary order and
injunction restraining the Defendants 1 to 18, their servants, agents or assigns, or any
other persons claiming by, through or under them or any of them, from acting upon, in
furtherance or in any manner giving effect to the impugned Notices dated 16th March, 2013,
or from taking any other steps to act upon or in furtherance of the Pledge Agreement dated
21st December, 2010, save and except in accordance with the procedure set out in clause
8.1 of the MDRA, including issuing a notice thereunder;
(h) Pending hearing and final disposal of the Suit, for a temporary order and
injunction restraining the Defendants 1 to 18, their servants, agents or assigns, or any
other persons claiming by, through or under them or any of them, from acting upon or in
furtherance of the Corporate Guarantee dated 21st December, 2010 given by UBHL, the
Personal Guarantee dated 21st December, 2010, given by Plaintiff 3 (Dr. Vijay Mallya) and
the Pledge Agreement dated 21st December, 2010.
Your Company is a party defendant to the Suit, but no reliefs are sought against your
Company. The Plaintiffs in the Suit moved an application in the Suit seeking ad-interim
relief and pressed for a temporary order and injunction restraining the consortium of
bankers, their servants, agents or assigns, or any other person claiming by, through or
under them or any of them, from acting upon, in furtherance or in any manner giving effect
to the impugned Notices dated March 16, 2013, or from taking any other or further steps to
act upon or in furtherance of the pledge agreement, save and except in accordance with the
procedure set out in clause 8.1 of the MDRA, including issuing of a notice thereunder. By
an order dated April 2, 2013 the Hon’ble Bombay High Court declined the interim
relief to the extent pressed for by the Plaintiffs at the aforesaid hearing. The
consortium of banks have sold the shares pledged but the said sale of shares is still
under challenge as the order passed by the Hon’ble Bombay High Court was at an
ad-interim stage, and therefore still sub-judice. The Suit is pending before the
Hon’ble Bombay High Court.
Your Company has also received recall notice dated April 2, 2013 from the State Bank of
India ("Lender’s Agent"), calling upon your Company to forthwith pay the
entire alleged principal and all accrued interest on and all other monies in respect of
the various facilities aggregating to Rs. 6493.29 crores, failing which they would
initiate steps for recovery.
Your Company also received Notice dated May 3, 2013, issued jointly by SBICAP Trustee
Company Ltd. and State Bank of India as Lenders’ Agent to your Company purportedly
under Section 13(2) of the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 ("SARFAESI ACT"), calling upon your
Company to discharge the alleged outstanding liability of Rs. 6,027.42 crores (Rupees Six
Thousand Twenty Seven Crores and Forty Two Lacs only) together with interest from April 1,
2013 and all other incidental expenses, to the Lender Banks within 60 (sixty) days from
the date of the Notice, failing which SBICAP Trustee Company Limited would exercise its
rights under Section 13(4) of the SARFAESI Act with respect to the secured assets listed
in Annexure 1 to the said Notice. United Breweries (Holdings) Limited and Dr. Vijay Mallya
have also been served with similar notices as alleged Guarantors on behalf of your
Company. Your Company has challenged the legality and validity of these notices and is in
consultation with its legal advisers to take other steps as may be advised by the legal
advisors to protect your Company’s interests.
Thereafter the Lenders have filed proceedings before the Debt Recovery Tribunal
("DRT") at Bangalore. Your Company is in the process of consulting its legal
advisors to protect its interests in these proceedings.
Your Companys immovable property viz Kingfisher House is subject matter of a Notice of
Attachment from Service Tax authorities and Possession Notice by SBICAP Trustee Company
Limited on behalf of the consortium of banks. Your Company is in the process of seeking
legal advise in this regard.
In view of operating losses incurred during the year, your Directors do not recommend
payment of any dividend.
Subsidiary
The statement of your Company’s interest in its only subsidiary, Vitae India
Spirits Limited, as at March 31, 2013, prepared in accordance with the provisions of
Section 212(3) of the Companies Act, 1956 is attached to the Balance Sheet.
Outlook
Your Company is confident that the persistent and committed efforts of the management
to bring in fresh infusion of funds will be successful, provided that the Lenders show
interest and commitment in reviving the operations of your Company instead of the current
hostile and negative approach that is proving a major cause of concern to investors.
Capital
During the year under review, your Company’s Authorised Share Capital remained
unchanged at Rs. 42,500,000,000/- comprising of 1,650,000,000 Equity Shares of Rs. 10/-
each and 2,600,000,000 Preference Shares of Rs. 10/- each.
During the year under review, the Issued, Subscribed and Paid-up Share Capital of your
Company has increased from Rs. 11,307,472,740/- divided into 577,647,274 Equity Shares of
Rs. 10/- each and 553,100,000 8% Cumulative Redeemable Preference Shares of Rs. 10/- each
to Rs. 13,618,229,900/- divided into 808,722,990 Equity Shares of Rs. 10/- each and
553,100,000 8% Cumulative Redeemable Preference Shares of Rs. 10/- each on account of the
conversion of 50,956,985 8% Optionally Convertible Debentures of Rs. 100/- each into
231,075,716 equity shares of Rs. 10/- each.
Depository System
The trading in the equity shares of your Company is under compulsory dematerialization
mode. As of date, equity shares representing 99.91% of the equity share capital are in
dematerialized form. As the depository system offers numerous advantages, members are
requested to take advantage of the same and avail of the facility of dematerialization of
your Company’s shares.
Auditors’ Report
As regards the observations in point no. 1 of the Auditors’ Report, your Company
has adopted the Exposure draft on Accounting Standard – 10 (Revised) ‘Tangible
Fixed Assets’ which allows such costs on major repairs and maintenance incurred to be
amortized over the incremental life of the asset. Your Company has extended the same
treatment to costs incurred on major repairs and maintenance for engines pertaining to
aircrafts acquired on Operating Lease.
As regards the observations in point no. 3 of the Auditors’ Report, the note
numbers 34, 44, 46, 49, 52, 53 & 56 of Notes to Financial Statements are self
explanatory.
As regards the observations in point no. 4 of the Auditors Report, your Company has
come to the conclusion that no amount needs to be recognized in the financial statement
for impairment loss based on information gathered, both internally as well as external
sources, regarding the recoverable amount of assets.
As regards the observations in the Annexure to the Auditors’ Report, your Company
has taken / is taking necessary steps to ensure improvement in certain procedures and also
compliance with relevant laws. elevant laws.
Directors
Mr. Subhash R. Gupte, Director, retires by rotation and, being eligible, offers himself
for re-appointment.
As informed to the Members in the last Annual Report, during the year under review, Mr.
Manmohan Singh Kapur was appointed as an Additional Director with effect from April 24,
2012. He was appointed as a Director of your Company, liable to retire by rotation at the
last Annual General Meeting of your Company, held on September 26, 2012.
The regulations of DGCA require that a person cannot be appointed as Director of an
aviation company unless security clearance is obtained from the Government of India. Your
Company had made applications for security clearance of the following persons for
appointment as Independent Non-Executive Directors:
1. Mr. Shrikant Ruparel – who unfortunately passed away during the pendency of
such application.
2. Mr. Subramaniam Santhanakrishnan who was nominated by State Bank of India in its
capacity as the Lead Bank of the consortium of Lenders. However, during the pendency of
such application, the Lenders suddenly commenced hostile enforcement action against your
Company as mentioned hereinabove and rescinded the nomination of Mr. Subramaniam
Santhanakrishnan.
3. Mr. Lalit Bhasin – whose application for security clearance is pending.
Your Company is in the process of identifying a few more reputed persons for nomination
as Independent Directors subject to such regulatory clearances as may be required.
Auditors
M/s. B. K. Ramadhyani & Co., your Company’s Auditors have confirmed that they
are eligible for re-appointment at the ensuing Annual General Meeting and it is proposed
to reappoint them and to fix their remuneration.
Listing of Shares of Your Company
All the equity shares of your Company are listed on the Bombay Stock Exchange Limited
and The National Stock Exchange of India Limited. The listing fee for the year 2013-14 has
been paid to these Stock Exchanges.
Corporate Governance
A report on Corporate Governance is annexed separately as part of this Report along
with a certificate of compliance from a Company Secretary in Practice. Necessary
requirements of obtaining certifications/ declarations in terms of Clause 49 have been
complied with.
Management Discussion and Analysis
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, the Management
Discussion and Analysis Report is annexed and forms an integral part of the Annual Report.
Human Resources
The information required to be provided in terms of Section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, have been
included as an annexure to this Report.
Employee Stock Option Plan (ESOP)
Your Company had approved ESOP 2011 at the Annual General Meeting of your Company held
on September 28, 2011. As on date, your Company has not granted any options under ESOP
2011.
ESOP 2005/06 have been discontinued effective September 28, 2011 and no further options
have been granted in terms of ESOP 2006.
Conservation of Energy, Research and Development, Technology Absorption, Foreign
Exchange Earnings and Outgo
The particulars as prescribed under section 217(1)(e) of the Companies Act, 1956 and
the rules framed there under are not applicable to your Company.
The relevant information relating to Foreign Exchange Earning and Outgo appears in the
Note No. 31 (a) to (e) to the Financial Statements.
Directors’ Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, in relation to the Financial
Statements of your Company for the year ended March 31, 2013, the Board of Directors
reports that:
• in the preparation of the Accounts for the year ended March 31, 2013, the
applicable accounting standards have been followed along with proper explanation relating
to material departures;
• accounting policies have been selected and applied consistently and that the
judgments and estimates made are reasonable and prudent so as to give a true and fair view
of the state of affairs of your Company as at March 31, 2013 and of the Loss of your
Company for the year ended March 31, 2013;
• proper and sufficient care has been taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 1956, for
safeguarding the assets of your Company and for preventing and detecting fraud and other
irregularities;
• the accounts for the year ended March 31, 2013, have been prepared on a going
concern basis.
Thank You
Your Directors place on record their sincere appreciation for such of the stakeholders
that have continued to support your Company.
|
For and on Behalf of the Board of Directors |
| Goa |
Dr. Vijay Mallya |
| August 14, 2013 |
Chairman & Managing Director |
ANNEXURE TO DIRECTORS REPORT
STATEMENT OF PARTICULARS OF EMPLOYEES AS REQUIRED UNDER SECTION 217 (2A) OF THE
COMPANIES ACT, 1956 AND COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975
Employed throughout the year and in receipt of remuneration in aggregate of not less
than Rs. 60,00,000 per annum
| SL. NO. |
NAME |
AGE |
DESIGNATION / NATURE OF DUTIES |
REMUNERATION (Rs.) |
QUALIFICATION |
EXPERI- ENCE IN YRS. |
DATE OF COM- MENCEMENT OF EMPLOYMENT |
PARTICULARS OF PREVIOUS EMPLOYMENT |
| 1 |
ANNU PRAVIN GAIKWAD |
31 |
CAPTAIN |
6,951,618 |
10+2, ATPL |
12 |
16.07.2007 |
Air Deccan |
| 2 |
ANSHAY MALHOTRA |
25 |
CAPTAIN |
6,213,585 |
HSC, ATPL |
6 |
18.06.2007 |
Fresher |
| 3 |
BED PRAKASH UPRETI |
49 |
CAPTAIN |
6,808,361 |
M. A. |
28 |
01.04.2005 |
NECON AIR |
| 4 |
BHANUMOHAN KAILA |
45 |
VICE PRESIDENT - AGENCY SALES (WEST & SOUTH INDIA) |
6,840,127 |
B.A., DHM, PGDBM |
24 |
01.12.2006 |
United Spirits Ltd. |
| 5 |
CHIRAG THAKKAR |
28 |
CHECK PILOT |
7,610,693 |
10+2, ATPL |
9 |
13.06.2005 |
Air Deccan |
| 6 |
DIMITRIOS SIPSAS |
61 |
CAPTAIN |
7,364,048 |
ATPL |
12 |
27.01.2010 |
Olympic Aviation |
| 7 |
DUMISANI MOYO |
52 |
CAPTAIN |
8,344,673 |
ATPL |
30 |
01.06.2007 |
Oman Air |
| 8 |
G SUMI RAJAKUMAR |
28 |
CAPTAIN |
6,699,360 |
10 +2, CPL |
8 |
04.08.2006 |
Air Deccan |
| 9 |
GEORGIOS MAVROEIDIS |
58 |
CAPTAIN |
7,037,173 |
ATPL |
13 |
01.09.2010 |
Olympic Aviation |
| 10 |
HITESH PATEL |
48 |
EXECUTIVE VICE PRESIDENT |
38,715,402 |
MBA |
29 |
18.01.2005 |
Jet Blue |
| 11 |
INDERPREET SINGH |
34 |
MANAGER - FOQA (ATR) |
6,974,910 |
10+2 ATPL |
12 |
03.03.2008 |
Continental Airlines |
| 12 |
IOANNIS FRAGKOS |
55 |
CAPTAIN |
7,037,173 |
ALTP |
17 |
01.09.2010 |
Olympic Aviation |
| 13 |
IVAN JALALUDDIN |
49 |
EXAMINER |
7,178,143 |
HSC / ATPL |
27 |
17.02.2008 |
Air India |
| 14 |
JAYDEEP BRAHMBHATT |
27 |
CAPTAIN |
6,822,018 |
HSC, ATPL |
7 |
06.05.2006 |
Fresher |
| 15 |
KOTHANDARAM KRISHNA REDDY |
54 |
CAPTAIN |
6,615,152 |
10+2, ATPL |
34 |
03.08.2009 |
IAF |
| 16 |
M S VENKATESHWAR |
48 |
CAPTAIN |
6,183,302 |
10+2 ATPL |
29 |
08.05.2009 |
IAF |
| 17 |
MADHUKRISHNA R D |
36 |
CAPTAIN |
6,792,985 |
10+2, ATPL |
15 |
21.04.2004 |
Air Deccan |
| 18 |
MANOJ KUMAR AGARWAL |
49 |
CAPTAIN |
6,641,194 |
10+2, ATPL |
30 |
14.05.2009 |
IAF |
| 19 |
MARIA PATRICIA MONTA |
57 |
CAPTAIN |
6,873,735 |
ATPL |
36 |
07.05.2006 |
Air Aces |
| 20 |
MURALI RAMACHANDRAN |
43 |
SR. VICE PRESIDENT - GROUND SERVICES |
7,007,166 |
IHM |
22 |
01.11.2008 |
Jet Airways |
| 21 |
N N KASHIB |
51 |
CAPTAIN |
6,729,360 |
10+2, ATPL |
32 |
15.06.2005 |
Air Deccan |
| 22 |
N S KADIAN |
57 |
CHECK PILOT |
6,428,518 |
10+2, ATPL |
38 |
16.05.2006 |
Air Deccan |
| 23 |
NAVEEN CHAWLA |
42 |
VICE PRESIDENT - INTERNATIONAL SALES |
6,083,960 |
MBA |
22 |
19.04.2010 |
Qatar Airways |
| 24 |
NAVEEN RAHI |
48 |
CAPTAIN |
6,872,068 |
10+2, ATPL |
29 |
01.04.2009 |
IAF |
| 25 |
NIELS PEDER TERNVING |
64 |
CAPTAIN |
10,992,360 |
ATPL |
29 |
25.07.2008 |
Scandinavian |
| 26 |
PETER ANDREW FIWA |
47 |
CAPTAIN |
6,873,736 |
Deg in C Eng, ATPL, TRI |
25 |
17.08.2006 |
Air Malawi |
| 27 |
PRAVEEN SHARMA |
52 |
CHECK PILOT |
6,601,460 |
M. Sc. |
31 |
01.10.2005 |
Tata Steel |
| 28 |
PRAVIN VIJAY GAIKWAD |
36 |
CAPTAIN |
6,797,202 |
10+2, ATPL |
15 |
16.07.2007 |
Air Deccan |
| 29 |
PRIYA PAUL |
40 |
CHECK PILOT |
7,419,360 |
10+2, ATPL |
19 |
24.09.2007 |
Fresher |
| 30 |
PUNEET GROVER |
44 |
CHECK PILOT |
6,249,360 |
ATPL |
23 |
14.07.2007 |
Air Sahara |
| 31 |
RAJESH VERMA |
54 |
EXECUTIVE VICE PRESIDENT |
13,362,218 |
B. A., PGDBM |
28 |
20.06.2006 |
Jet Airways |
| 32 |
RAJU RAJBANSHI |
50 |
CAPTAIN |
6,644,923 |
ATPL |
29 |
16.06.2005 |
ROYAL NEPAL AIRLINES |
| 33 |
RANBIR MOHAN |
63 |
EXAMINER |
7,036,936 |
10+2, ATPL |
43 |
18.09.2009 |
Indian Airlines |
| 34 |
RICARDO JARAMILLO |
42 |
CAPTAIN |
8,017,798 |
ATPL |
20 |
01.05.2007 |
Serca Aeropurto El Dorado Bogota |
| 35 |
RONALD NAGAR |
63 |
SR. VP - OPERATIONS & TRAINING |
11,609,340 |
ISC |
38 |
19.02.2008 |
Indian Airlines |
| 36 |
SAMARJEET SINGH CHEEMA |
36 |
DGM - FLIGHT OPERATIONS DEL |
7,509,360 |
10+2, ATPL |
15 |
30.05.2005 |
Air Deccan |
| 37 |
SANJAY AGGARWAL |
44 |
CEO |
33,927,986 |
M. S. |
18 |
27.09.2010 |
Spice Jet |
| 38 |
SERGIO CARRASCO |
43 |
CAPTAIN |
7,364,048 |
ATPL |
22 |
21.02.2006 |
Air Aces |
| 39 |
SHAILAJA GOPINATH |
34 |
CAPTAIN |
6,830,160 |
CPL |
13 |
19.01.2007 |
Air Mahawaty Newzealand |
| 40 |
SHITAL PATEL |
38 |
CAPTAIN |
6,699,985 |
ATPL |
17 |
26.07.2008 |
Aer Arrann |
| 41 |
SIKANDAR SHARMA |
34 |
DEPUTY CHIEF - FLIGHT SAFETY |
7,096,568 |
H.S.C. |
12 |
15.01.2005 |
Jet Airways |
| 42 |
SOURAV SINHA |
46 |
SR. VP & CHIEF INFORMATION OFFICER |
8,265,174 |
M. Tech. |
21 |
27.06.2008 |
Qatar Airways |
| 43 |
SUNDARESAN NAGARAJAN |
55 |
HEAD - CORPORATE FINANCE |
8,307,360 |
CA |
31 |
01.11.2011 |
United Spirits Limited |
| 44 |
TALMAT AMAR FERMAT |
64 |
CAPTAIN |
7,364,048 |
ATPL |
42 |
02.05.2008 |
Air Algeria |
| 45 |
V SATISH KUMAR |
40 |
CHECK PILOT |
7,347,360 |
10+2, ATPL |
19 |
17.02.2006 |
Air Deccan |
| 46 |
VIJAY K. ARORA |
60 |
EXECUTIVE DIRECTOR - GLOBAL SALES |
7,850,551 |
B. A. |
36 |
01.12.2006 |
United Spirits Ltd. |
| 47 |
VIJAY KAMAL |
54 |
CHECK PILOT |
6,567,110 |
HSC, ATPL |
34 |
01.05.2005 |
Air Deccan |
| 48 |
YOGESH PREMCHANDAANI |
31 |
CAPTAIN |
6,729,860 |
B.E- IT, ATPL |
6 |
09.01.2007 |
Air Sahara |
| 49 |
ZORAN RAKIC |
52 |
CAPTAIN |
9,129,453 |
ATPL |
30 |
01.06.2007 |
Jet Airways |
Employed for part of the year and were in receipt of remuneration at the rate of not
less than Rs. 5,00,000 per month
| SL. NO. |
NAME |
AGE |
DESIGNATION / NATURE OF DUTIES |
REMUNERA- TION (Rs.) |
QUALIFICATION |
EXPERI- ENCE IN YRS. |
DATE OF COMMENCE- MENT OF EMPLOYMENT |
PARTICULARS OF PREVIOUS EMPLOYMENT |
| 1 |
AADITIYA J. GARG |
29 |
CHECK PILOT |
2,464,120 |
10+2, ATPL |
6 |
10.04.2007 |
Air Deccan |
| 2 |
ARPIT CHHATWAL |
25 |
CAPTAIN |
6,625,948 |
HSC, ATPL |
5 |
10.12.2007 |
Fresher |
| 3 |
ASHISH RANJAN |
52 |
CHECK PILOT |
3,267,447 |
10+2, ATPL |
33 |
01.05.2004 |
Air Deccan |
| 4 |
AVNI DOGRA |
45 |
CHECK PILOT |
5,089,707 |
HSC / CPL |
24 |
23.10.2007 |
Air Sahara |
| 5 |
B. N. KISHORE |
50 |
CAPTAIN |
3,424,976 |
ATPL |
29 |
22.12.2008 |
IAF |
| 6 |
BABU Y S |
54 |
INSTRUCTOR |
2,707,287 |
10+2, ATPL |
34 |
02.05.2004 |
Air Deccan |
| 7 |
DHIRAJ BALIRAM KANASE |
43 |
CHECK PILOT |
1,039,544 |
B. A. |
22 |
04.08.2005 |
Indian Air Force |
| 8 |
DINESH KANT SHARMA |
51 |
EXAMINER |
2,287,152 |
B. Sc. |
27 |
03.01.2005 |
IAF |
| 9 |
GAUTAM MALHOTRA |
30 |
CAPTAIN |
1,566,519 |
HSC, ATPL |
10 |
01.04.2009 |
AIR DECCAN |
| 10 |
INDIRA S. MITTRA |
47 |
DGM - FLIGHT OPERATIONS MAA / CCU |
3,421,644 |
ATPL |
26 |
01.01.2009 |
Air Deccan |
| 11 |
JASBIR SINGH |
57 |
CAPTAIN |
1,365,006 |
MBA |
28 |
17.09.2007 |
Reliance Group |
| 12 |
KARL J KATRAK |
34 |
CHECK PILOT |
2,346,158 |
10+2, ATPL |
13 |
27.09.2003 |
Air Deccan |
| 13 |
KRISHNAMURTHY SHANKAR |
49 |
SYNTHETIC FLIGHT INSTRUCTOR |
3,855,428 |
H.S.C. |
26 |
09.05.2005 |
IAF |
| 14 |
MAHESH KUMAR SHARMA |
44 |
CHECK PILOT |
3,267,174 |
10+2, ATPL |
22 |
09.06.2003 |
Air Deccan |
| 15 |
MANOJ CHACKO |
43 |
EVP - COMMERCIAL |
4,204,680 |
MBA |
20 |
21.12.2009 |
AMEX |
| 16 |
MANOJ T. DURUTKAR |
33 |
SR. AIRCRAFT MAINTENANCE ENGINEER (A&C) |
629,274 |
AME Diploma |
8 |
20.06.2006 |
Indian Airlines |
| 17 |
MOHNISH S. CHADDA |
47 |
EXAMINER (SECONDED FLIGHT OPERATIONS INSPECTOR, DG |
4,686,074 |
H.S.C. |
25 |
07.11.2005 |
Air Lanka |
| 18 |
NATASHA GUPTA |
25 |
CAPTAIN |
6,666,191 |
P.U.C. |
3 |
24.05.2007 |
Fresher |
| 19 |
NIRBHAY SINGH |
33 |
CAPTAIN |
682,206 |
10+2, ATPL |
12 |
01.04.2003 |
Air Deccan |
| 20 |
NITIN ANAND |
41 |
HEAD - FLIGHT SAFETY |
6,754,252 |
H.S.C. |
20 |
23.11.2006 |
Air Deccan |
| 21 |
P. ABHIJIT BHUSHAN |
49 |
CAPTAIN |
1,678,512 |
H.S.C. |
28 |
03.01.2005 |
Jet Airways |
| 22 |
PRAMOD SHARMA |
51 |
EXAMINER |
6,025,895 |
H.S.C. |
28 |
07.03.2006 |
Indian Airlines |
| 23 |
PRATIK C. MEHTA |
34 |
CAPTAIN |
619,866 |
B.Sc |
12 |
16.12.2005 |
JET AIRWAYS |
| 24 |
R. SENTHIL VELAN |
40 |
SHIFT MANAGER (A&C) |
662,900 |
AME Diploma |
18 |
13.04.2007 |
Jet Airways |
| 25 |
RAJESH MALIK |
44 |
EXAMINER |
6,553,580 |
H.S.C. |
22 |
24.06.2005 |
Singapore Airlines |
| 26 |
RAJIB BHATTACHARYYA |
45 |
INSTRUCTOR |
6,058,580 |
H.S.C. |
24 |
28.04.2006 |
Alliance Air |
| 27 |
RAJIV KOTHIYAL |
54 |
EXAMINER |
2,306,346 |
10+2, ATPL |
29 |
01.01.2009 |
Air Deccan |
| 28 |
RAKESH KAPOOR |
47 |
EXAMINER |
6,179,580 |
10+2, ATPL |
26 |
15.04.2008 |
IAF |
| 29 |
RANJAN SAIKIA |
43 |
CAPTAIN |
742,079 |
10+2, ATPL |
21 |
27.09.2007 |
Fresher |
| 30 |
RAVI NATHAN |
52 |
CAPTAIN |
1,056,560 |
10+2, ATPL |
33 |
08.06.2003 |
Air Deccan |
| 31 |
REHAL H S |
55 |
CHECK PILOT |
1,179,340 |
10+2, ATPL |
36 |
21.04.2004 |
Air Deccan |
| 32 |
S. KASTURI CHARI |
43 |
SHIFT MANAGER (A&C) |
662,900 |
AME Diploma |
21 |
19.04.2007 |
Jet Airways |
| 33 |
SAMIR SHEOPORI |
61 |
CAPTAIN |
2,031,412 |
H.S.C. |
31 |
03.01.2005 |
Alliance Air |
| 34 |
SANJEEV MARWAH |
45 |
AVP - FLIGHT OPERATIONS TRAINING |
3,670,732 |
H.S.C. |
23 |
07.03.2006 |
Indian Airlines |
| 35 |
SAUGATA SENGUPTA |
35 |
SR. AIRCRAFT MAINTENANCE ENGINEER (A&C) |
704,359 |
AME Diploma |
9 |
20.01.2006 |
Sahara Airlines |
| 36 |
SRINIVAS RAO |
45 |
CAPTAIN |
3,098,513 |
B. Sc. |
24 |
03.10.2006 |
Sri Lankan Airways |
| 37 |
SUMANT MISRA |
46 |
GENERAL MANAGER - FLIGHT OPERATIONS |
7,887,309 |
H.S.C. |
25 |
15.06.2005 |
Singapore Airlines |
| 38 |
SYRUS S. MAZDA |
56 |
CAPTAIN |
1,934,828 |
H.S.C. |
32 |
01.09.2005 |
Blue Dart Aviation |
| 39 |
VANDITA VERMA |
27 |
CAPTAIN |
6,327,661 |
B. Sc., ATPL |
5 |
10.12.2007 |
Fresher |
| 40 |
VARINDAR NATH SHARMA |
59 |
SENIOR EXECUTIVE PILOT |
5,563,580 |
10+2, CHPL |
39 |
21.09.2009 |
Global Vectra Helicorptor / IAF |
| 41 |
VIKRAM KAPOOR |
44 |
INSTRUCTOR |
6,079,542 |
B. Com. |
23 |
03.10.2006 |
Sahara Airlines |
| 42 |
VIMAL ROY |
41 |
GENERAL MANAGER - FLIGHT OPERATIONS TRAINING |
7,653,580 |
H.S.C. |
19 |
03.01.2005 |
Jet Airways |
| 43 |
VISHOK MANSINGH |
48 |
AVP - ENGINEERING LOGISTICS & SYSTEMS |
5,077,215 |
B. E. |
27 |
05.08.2008 |
Blue Dart Aviation Ltd |
| 44 |
VISHWAS GANESH DATAR |
56 |
CAPTAIN |
4,409,239 |
ATPL |
34 |
17.11.2008 |
IAF |
Notes :
1. Remuneration as shown above includes Salary, House Rent Allowance, Companys
contribution to Provident Fund, value of Residential Accommodation and monetary value of
perquisites as per Income Tax Rules.
2. No Employee is on Contract Employment. Other Terms and Conditions are as per Service
Rules of the Company from time to time.
|
For and on Behalf of the Board of Directors |
| Goa |
Dr. Vijay Mallya |
| August 14, 2013 |
Chairman & Managing Director |
+91-9892691696
