Grounded Kingfisher Airlines may not have paid its employees for months but CEO Sanjay Aggarwal received a package of nearly Rs. 4 crore in 2012-13.
At least five Kingfisher employees received annual packages worth Rs. 1 crore or more in 2012-13, while as many as 44 staff members got a monthly salary of Rs. 5 lakh and more, according to the latest annual report which has been circulated among shareholders ahead of the September 24 annual general meeting.
Aggarwal’s total remuneration of Rs. 3.99 crore “excludes accrued leave encashment and gratuity since the same have been recognised for the company as a whole and cannot be determined at an employee level,” was largely unchanged from about Rs. 4.01 crore in the previous year.
A KFA official however said that this was just a book entry, and no salaries had been paid.
The airline’s overall employee expenses fell sharply by 48% to R349 crore in 2012-13, largely due to a sharp decline in its total number of employees from 5,696 to 2,851.
The Vijay Mallya-led carrier had accumulated losses of over Rs. 16,000 crore as on March 31 and a negative net worth of close to Rs. 13,000 crore. Its long-term borrowings stood at about Rs. 6,900 crore, while short-term borrowings were Rs. 1,750 crore at the end of last fiscal year.