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Indian airline company Spice Jet’s woes are far from over. According to reports, the company has not transferred the PF of its employees for the last 18 months. The company is already fighting a legal battle with its old promoters and others. In such a situation, if this proves to be true, the company may face new problems.
According to news agency Reuters, SpiceJet did not even deposit employee tax during the last financial year. According to an ET report, senior employees are getting delayed salaries. All these news can prove to be harmful for the health of the airline company.
The shares will be divided into 5 pieces, record date in September
Recently, the High Court gave a verdict against the company. In the judgment, the High Court ordered the company and SpiceJet CEO Ajay Singh to pay Rs 100 crore to the company’s former promoter Kalanithi Maran. For this, the company has been given time till 10 September 2023. The company said on the court’s decision that they respect the order. And will pay the amount within the stipulated time limit.
The share price will cross Rs 5000, the company has Rs 4 lakh crore of work to do
Reduce company costs
SpiceJet has had a stellar first quarter of the current fiscal year. In the June quarter, the company posted Rs. 197.64 crore net profit has been made. While a year ago in the same quarter, the company had Rs. 783.72 crore was a net loss. Let us tell you that the biggest reason for the company’s profit is cost reduction. The company saw a 36 percent reduction in expenses in the first quarter.