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Dear Colleagues
I want to take this opportunity to update you on our current situation amidst all the media frenzy that is taking place.
The Indian media and the "paid" media that even the Prime Minister referred to are unscrupulous and they will do whatever it takes, part fact or fiction, part true or untrue to achieve their sensationalist objectives.
I have organised funding so that we can pay your seriously overdue salaries which is a source of great personal sorrow for me.
We are currently handicapped as our bank accounts are frozen by the tax authorities. I have been working tirelessly to urgently resolve this issue through negotiation and I hope that these efforts will be successful early next week. We fully intend to pay our tax dues as much as we commit to paying your salaries.
Government policies can make or break any Industry. So far it has been downhill for Civil Aviation except for one Airline that defies the odds and claims to be profitable however unlikely that may be.
Finally, there seems to be light at the end of a long dark tunnel. Government has issued a notification allowing direct import of Aviation fuel which promises to save us about 15 percent of our current fuel costs.
I am hoping that the next positive move would be the formal notification permitting Foreign Airlines to invest upto 49 percent of the equity in Indian carriers. This has already been widely announced by the Minister of Civil Aviation and according to reports, has been decided upon at a Empowered Group of Ministers meeting.
Recently, last week, the promoters of our airline, The UB Group and its associates acting in concert, converted its loans for an additional 5 percent equity in Kingfisher Airlines. This is the maximum permitted under law in any one financial year but clearly demonstrates the faith that I have in all of you and in our Company.
I have been overwhelmed and emotionally moved by all the widespread expressions of support and appreciation for our Company despite the turbulence we are flying through. Despite media reports, we have many many supporters, well wishers and loyal guests. And all these words of appreciation are dedicated to you.
Whilst many may have left our family and many may be in the process of leaving, our family may have become smaller for now. But our family will grow with those who have the pride in their hearts of having stood by our Company through ups and downs, sometimes with great personal sacrifice. That is the true test of loyalty dedication and commitment which I am going to reward.
Please stay committed to our common cause and for good reason to smile happily when this turbulence is over.
We were the biggest and best. We may not be the biggest now but we remain simply the best for our guests and our valued King Club members.
I hope to have some good news for you shortly.
Thank you for your patience and understanding.
Warm Regards
Vijay Mallya
Member of Parliament
Chairman and Managing Director
KINGFISHER AIRLINES LIMITED
A UB Group Company
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