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Airline SpiceJet, which is struggling with financial crisis and legal matters, has paid the Employee Provident Fund (PF) and outstanding salaries of all its employees. For this, the airline has paid an amount of Rs 160.07 crore in the last three months.
The airline said in a statement on Friday (December 13) that we have paid the PF of the employees pending for almost two years, the airline has paid all the pending statutory liabilities including Tax Deducted at Source (TDS), Goods and Services Tax (GST) and outstanding salaries of the employees. Has been paid.
Raised ₹3000 crore from qualified institutional placement SpiceJet said it has settled its dues by raising Rs 3,000 crore. The airline had raised this amount through Qualified Institutional Placement (QIP) in September this year. The airline’s QIP was subscribed by 87 Indian and international institutions. The company plans to improve its operations and financial position, so that it can face further crises.
EPFO had sent notice for not giving PF for two and a half years Employees Provident Fund Organization (EPFO) had said in July that SpiceJet has not deposited money in the provident fund of its employees for the last 2.5 years. The airline last deposited money into the PF accounts of 11,581 employees in January 2022. EPFO then sent a notice and summons to the airline for this.
The company contributes 12% to the employee’s PF account. According to the EPFO Act, 12% of the basic pay and DA of any employee is deposited in the PF account. The company also deposits 12% contribution into the employee’s PF account. Of the company contribution, 3.67% is credited to the EPF account. Whereas, 8.33% amount is deposited in the pension scheme.
SpiceJet shares fell 3.38% this year SpiceJet shares closed at Rs 58.59 today (December 13) up 1.38%. The company’s stock has gained 9.25% in one month, 6.03% in 6 months and 2.13% in one year. This year i.e. from January 1 till now it has fallen by 3.38%. The market cap of the company is Rs 7,510 crore.
Many legal cases going on against the company Many leasing companies have filed cases against it. Some of these cases are related to extending the lease of aircraft. Earlier in April, the National Company Law Tribunal (NCLT) had issued a notice to SpiceJet on the total default of Rs 77 crore in the insolvency petition filed by three aircraft lessors.
SpiceJet had outstanding dues of Rs 601.5 crore as of September 15. SpiceJet had outstanding dues of Rs 601.5 crore as of September 15. Of the total amount, Rs 297.5 crore is related to TDS, Rs 156.4 crore is related to Employees’ Provident Fund and Rs 145.1 crore is related to GST.
