Kingfisher Airlines auditors hint at hidden losses in Vijay Mallya's co
of the said basis is inter-alia dependent on the company's ability to obtain renewal of the scheduled air operator's permit by the DGCA, infuse requisite funds for meeting its obligations, rescheduling of debt, other liabilities and resuming normal operations," the auditors said.
"During the quarter under review, Kingfisher did not have any operations. The company submitted a revival plan to the DGCA for renewal of its scheduled operator's permit and for restart of operations," the company said in a stock exchange filing.
"Kingfisher has made significant progress in complying with the DGCA requirement," the airline added.
Kingfisher, which has debt of nearly Rs 8,000 crore and accumulated loss and liabilities of a similar amount, has been grounded since October 1 after its pilots and engineers went on a strike over non-payment of salaries.
"Estimates of number of unflown tickets and their average value, based on which management has reportedly estimated the amount of unearned revenue, not being drawn from accounting records, could not be reviewed by us," the review report said.
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