Floundering Kingfisher appoints Lalit Bhasin as independent director

The long-defunct Kingfisher Airlines today said it has appointed Lalit Bhasin as an additional director (non-executive independent category) following security clearance from the ministry of civil aviation for the appointment.

Kingfisher Airlines hasn't flown since October 2012.

The airlines said steps are being taken ''to identify further candidate(s) to be appointed as director(s) of the company subject to their consent and receipt of all security clearances and approvals as may be required, with a view to comply with the provisions of the Companies Act, 2013 (including constituting a valid board of directors comprising a minimum of three directors as required under the Companies Act, 2013) and the listing agreement with the stock exchanges.''

''Thereafter, steps will be taken towards publishing the audited results for the year ended 31 March 2014 and for the quarter ended 30 June 2014,'' the airline said in a its filing to the bourses.

The Mumbai-based airline had accumulated losses of Rs16,023.46 crore on 31 March 2013 and its net worth was a negative Rs12,919.82 crore.

Launched in 2005 by liquor baron Vijay Mallya, the airline has never made a profit.

Kingfisher Airlines owes R7,500 crore to a consortium of banks led by State Bank of India. In February 2013, bankers publicly stated they had lost faith in the management's ability to revive the company.

Banks have initiated recovery measures, including declaring Kingfisher a 'wilful defaulter'.