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| Name | SpiceJet Faces ₹355 Cr TDS & PF Payment Crisis: Grounded Planes & Pending Lawsuits |
| Video Uploader | Video From NEWS9 Live |
| Upload Date | This Video Uploaded At 18-09-2024 14:12:23 |
| Video Discription | SpiceJet’s turbulence seems far from over as the airline grapples with a mounting financial crisis. In a recent disclosure, SpiceJet revealed that it still owes a staggering ₹355 crore in Tax Deducted at Source (TDS) and provident fund (PF) contributions to its employees, adding another layer of uncertainty to its operations. From April 2020 to August 2023, the airline withheld ₹220 crore in TDS from its employees’ salaries but has yet to pass it on to the tax authorities. Additionally, it owes ₹135.3 crore in PF contributions for the same period. As if these troubles weren't enough, SpiceJet is also embroiled in disputes over customs, service tax, and goods and services tax (GST). In its recent filing with the Bombay Stock Exchange (BSE), the airline mentioned that ₹72 crore of TDS from 2009-2014 remains disputed. To stabilize its operations, SpiceJet plans to raise ₹3,000 crore through a Qualified Institutional Placement (QIP), selling shares to institutional investors. While Yes Bank has already given its nod for this QIP, approvals from ICICI and Indian Bank are still awaited. The airline intends to use a major portion of these funds to clear ₹601.5 crore in overdue taxes, TDS, PF, and GST, as well as pay off ₹750 crore in debts to creditors such as aircraft lessors, engine suppliers, and financiers. But financial woes aren't the only problem for SpiceJet. The airline is facing more than 25 pending lawsuits, with several related to aircraft lease defaults, leading to the grounding of over half its fleet. Legal battles with lessors and other vendors are ongoing, putting further pressure on the airline's ability to operate smoothly. SpiceJet’s situation is dire. As of June 2024, 36 of its 64 aircraft are grounded due to financial struggles and maintenance issues. To return to profitability, the airline has pinned its hopes on raising fresh capital to restore its fleet and attract more passengers. However, its market share has dipped below 4%, with fewer than 20 planes currently in operation—a stark contrast to its aggressive expansion before the pandemic. The road ahead for SpiceJet is challenging. With stiff competition from financially stronger rivals like IndiGo, recovering from this financial storm won’t be easy. Will the airline’s strategic moves help it rise from the ashes, or is more turbulence in store? Only time will tell. .............................................................................................. News9 is India's first fully integrated English news brand across all digital platforms. It includes a publishing platform, viz. www.news9live.com, a future-ready OTT platform, News9 Plus, and a 24-Hour video streaming service on connected TVs and all social platforms. It's the English news brand that understands and fits perfectly into the digital-first lifestyles of our English news audiences. ► News9 Plus Website : https://www.news9plus.com/all ► News9 Plus App : https://news9plus.app.link/aPwz3P2psMb ► News9 OTT Coupons : https://bit.ly/4dwLDx4 ► Watch us on YouTube : https://www.youtube.com/c/NEWS9LIVE ► Like us on Facebook : https://www.facebook.com/news9live ► Follow us on Instagram : https://www.instagram.com/news9live ► Follow us on Twitter : https://twitter.com/NEWS9TWEETS |
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