SpiceJet's CFO Ashish Kumar resigns; Joyakesh Podder appointed Deputy CFO
Mumbai: SpiceJet announced on Tuesday that Chief Financial Officer Ashish Kumar will be departing the company to pursue other opportunities.
The airline has appointed Joyakesh Podder as the Deputy Chief Financial Officer, effective July 15, 2024.
"Podder is a Chartered Accountant with over 30 years of experience in large organizations like PwC, Reliance, Mahindra, Go Air, SpiceJet etc. in aviation, hospitality and telecom sectors," said the airline through stock exchanges.
In a delayed announcement on Monday, the budget carrier reported a consolidated net profit of Rs 127 crore for the fourth quarter ending in March 2024. This comes after recording losses of Rs 6.2 crore in the March 2023 quarter and Rs 299 crore in the December 2023 quarter, reported Economic Times.
Looking at the results, Ajay Singh, chairman and managing director of SpiceJet, said, “The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company’s fortunes." The MD of the airline further hinted at the possibility of raising funds soon.
Recently, the budget carrier faced legal issues after the Delhi High Court ordered the registration of a contempt case against SpiceJet Ltd's directors for failing to comply with its July 2 order.
The order directed the low-cost airline to return two Boeing aircraft and three aircraft engines to its lessor, TWC Aviation Capital, by July 8.
The case dates back to 2019 when TWC leased the aircraft and engines to SpiceJet for a 12-month term with a basic rent of $180,000 per month.
After SpiceJet failed to pay the lease rentals, TWC moved the High Court of Justice in England and Wales to recover its money and the return of its engines.
The UK court ruled in favour of the lessor, which then sought enforcement of the UK court's order in the Delhi High Court.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
Pakistani government plans to shut down 16 Afghan refugee camps
Pakistan: Multiple suspects booked for allegedly vandalising, attacking Ahmadiya community members
Pakistan: Violent anti-govt protests rock PoK, 2 dead
Jaishankar discusses geopolitical trends with Antonio Guterres
