Akasa Air has initiated legal action against more than 40 pilots who recently left the airline to join other carriers. This sudden departure of pilots has compelled the airline, which commenced operations in August of the previous year, to cancel numerous flights since the previous month.
Consequently, by August this year, Akasa's domestic market share had fallen behind that of the financially challenged SpiceJet, a carrier it had surpassed in June.
Akasa is reportedly requesting around Rs 22 crore in compensation for the loss of revenue and damage to its reputation, citing that the 43 pilots in question departed without fulfilling the mandatory notice period.
"We have sought legal remedy only against a small set of pilots who abandoned their duties and left without serving their mandatory contractual notice period. This was not only in violation of their contract but also the country's civil aviation regulations," the airline spokesperson told IANS.
"Not only is this illegal in law but also an unethical and selfish act that disrupted flights in August forcing last-minute cancellations that stranded thousands of customers, causing significant inconvenience to the travelling public," the spokesperson further said.
"Fortunately, that is behind us now. Thanks to the hard work of our colleagues. As a young start up, we are proud of what every Akasian has helped us build in the first year of our operations," the spokesperson said.
"Therefore, this kind of behaviour by a handful of employees is not only illegal and unethical, but also deeply disrespectful to the hard work of our entire team which shows up to work, everyday with utmost integrity," the spokesperson added.
VC funding drops 22.5 pc in China in Jan-Nov as India sees surge
As venture capital (VC) funding surged in India this year, China saw a 22.5 per cent decline in VC funding by both volume and value in the January-November period, a report showed on Thursday.
Indian share market opens in green, Nifty above 23,800
At around 9:37 am, Sensex was trading at 78,744.55 after gaining 271.68 points or 0.35 per cent, while the Nifty was trading at 23,812.50 after gaining 84.85 points or 0.36 per cent.
Indian share market ends in red ahead of key global policy decisions
Ahead of key policy decisions especially from the US Federal Reserve, the Indian stock market closed in red on Tuesday as selling was seen in the PSU bank, auto, IT, financial service, pharma, FMCG, metal, and realty sectors of Nifty.
Buy on dips strategy working well in Indian stock market amid sharp rebound
The surge in the Indian stock market on Friday helped the Indian benchmark indices end the week on a positive note. A strong 2,000-point rebound from the lows suggests that the buy-on-dips strategy is working well in the market, experts said on Saturday.
India’s GDP growth to hold steady in FY25, likely to clock 6.7 pc in FY26
India's economic growth will continue to hold steady in FY25 despite global uncertainties, with a projected GDP at 6.7 per cent in FY26, a report showed on Friday.
Share market ends lower ahead of CPI data, Sensex settles at 81,289
According to experts, "the market continued to remain range bound ahead of domestic CPI data and weakening rupee. Though inflation is anticipated to drop, investors are maintaining a close vigil on the vegetable prices, which will determine the future rate trajectory."
Indian share market opens higher ahead of CPI data
The Indian stock market opened higher on Thursday ahead of the consumer price index (CPI) data. In the early trade, selling was seen in Nifty's auto and PSU bank sectors.
Tira unveils its flagship luxury beauty store at Jio World Plaza
Tira, the beauty retail chain of Reliance Retail, unveils its luxury flagship store today at Jio World Plaza, Mumbai which is poised to elevate the beauty shopping experience to unprecedented heights, offering an experience that is comparable with the best of global standards in luxury beauty retail.