"We are explaining the situation to DGCA and I hope he will be satisfied. I am meeting him today...I can tell you after that what he has to say," Mallya told reporters outside the Parliament House.
The Directorate General of Civil Aviation (DGCA) is mulling cancellation of Kingfisher's flying permit after the airline submitted to it the summer flight schedule with 15 to 16 aircraft as against 28 planes submitted last month.
Kingfisher has a total debt of about Rs 7,057 crore and accumulated losses of about Rs 6,000 crore.
Around 60 accounts of the airline have been frozen by the tax authorities for its failure to pay taxes after levying it from the passengers.
"The airline not only lacks aircraft, they also lack funds for day-to-day operations. They are failing to meet their flight schedule, causing inconvenience to the passengers and also they failed to give salaries to their employees for past four-five months," an official source said.
Realty firm Godrej Properties Ltd today said it has sold 49% stake in its subsidiary, Godrej Landmark Redevelopers, to private equity firm ASK ...