SpiceJet will hold its annual general meeting on December 30.
Budget airline company SpiceJet has paid the Employee Provident Fund dues. The airline has paid a total of Rs 160 crore for this. This dues was pending for more than two years. SpiceJet is currently facing many challenges. The airline has recently raised Rs 3,000 crore, following which it is paying statutory, GST (Goods and Services Tax) and other dues, PTI reported.
Airlines using internal cash flow
According to the news, the airline said in a release that Employees’ Provident Fund dues of Rs 160.07 crore, outstanding for more than two years, have been paid. According to the release, since October, SpiceJet has been using its internal cash flow to meet its statutory obligations. This also includes provident fund and TDS (tax deducted at source) payments. The airline has also resolved various disputes with aircraft lessors and other creditors. Shares of SpiceJet closed 1.38 per cent higher at Rs 58.59 on the Bombay Stock Exchange (BSE) on December 13.
Pending TDS of Rs 310 crore has also been paid.
Last month, aviation company SpiceJet has also paid the pending TDS (tax deducted at source) dues of Rs 310 crore till the September quarter of the current financial year. The airline has paid over Rs 600 crore towards pending dues, including outstanding salaries, GST liabilities and provident fund (PF) contributions, starting from September 26, 2024.
AGM to be held on 30th December
SpiceJet will hold its annual general meeting on December 30. In this meeting, the airline will seek the approval of the shareholders to increase the authorized share capital by infusing new share capital. Approval will also be sought for reappointment of Ajay Singh as director, Sonam Gayatri Malhotra as independent director. At present the authorized share capital of the company is Rs 15,000,000,000.
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