Kalanithi Maran and his wife, Kavery Kalanithi have resigned from the board of directors of Kal Airways, the holding company of SpiceJet.
Mr. S.L. Narayanan, the group CFO of Sun, downplayed reports that a sale of airline SpiceJet in on the cards. Mr Maran quit Kal Airways to only reduce the number of directorships he holds, Mr Narayanan told NDTV, saying potential stake sale talks are not even at an exploratory stage. The Marans quitting the Kal Airways board does not mean a potential sale, Mr Narayanan clarified.
Kal Airways along with Marans (in their personal capacity) hold over a 48 stake in the listed airline. SpiceJet, India's second-biggest budget airline by market share, narrowed losses by 31.7 per cent in the July-September quarter, benefiting from massive cuts in capacity by troubled rival Kingfisher Airlines.
It still lost Rs. 164 crore in the quarter ended September 30, compared with a loss of Rs. 240 crore a year ago.
The company's auditors, however, said accumulated losses at the airline had fully eroded the net worth of the company as on September 30.
» Read Complete News.....It still lost Rs. 164 crore in the quarter ended September 30, compared with a loss of Rs. 240 crore a year ago.
The company's auditors, however, said accumulated losses at the airline had fully eroded the net worth of the company as on September 30.
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