Key Points
The turbulence for SpiceJet seems far from over as the airline has revealed it has yet to pay Rs 355 crore in Tax Deducted at Source (TDS) and provident fund (PF) contributions owed to employees.. SpiceJet has not paid Rs 220 crore in TDS deductions from employees' salaries between April 2020 and August 2023 to tax authorities..
Additionally, the airline owes Rs 135.3 crore in PF contributions for the same period...
In a preliminary placement document (PPD) filed with the Bombay Stock Exchange (BSE), SpiceJet mentioned that Rs 72 crore of TDS for the assessment years 2009-10 to 2013-14 is disputed...
In an attempt to stabilise, SpiceJet plans to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP), selling shares to institutional investors..
However, the global halt in travel during 2020, extended restrictions into 2022, rising aviation fuel prices, and the global grounding of Boeing 737 Max aircraft in 2019 all created significant challenges for the airline.. While competitors like IndiGo, with a stronger financial base, managed to recover from the disruptions caused by COVID-19, SpiceJet has struggled..
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