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Mallya's Kingfisher Airlines Faces Scrutiny for Accounting Lapses

Published: 13th October 2014 06:00 AM  |   Last Updated: 13th October 2014 09:33 AM   |  A+A-

BANGALORE: The Ministry of Corporate Affairs is looking into suspected lapses in accounting practices of the now grounded Kingfisher Airlines. The airline that was grounded in October 2012 has amassed losses and debts of over $2 billion since its inception. The ministry is reportedly looking into accounting practices used by the company, it was reported. KfA promoter Vijay Mallya has also been declared wilful defaulter by United Bank of India with others expected to follow suit. According to agency reports, KfA is yet to submit its financial results for Fy14 to the stock exchanges. The ministry is reportedly taking note of the observations made by statutory auditors and they have sought an update from the Registrar of Companies for the fiscal year 2013-14. In Fy14, KfA’s loss was up `4301.12 crore. On August 26, 2014, KfA told the BSE that steps were being taken to appoint directors to comply with the Companies Act 2013.  They had added that once they have appointed directors, they would publish their audited results. 



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