Paramount Airways
 

No relief to Paramount Airways from apex court

'De-register two Paramount planes' - India Business - Biz - The Times of India

Does this mean they will shortly have no more planes to fly?

According to a news paper they are down to one aircraft in the air as the remaining one is grounded due to technical issues.

No worries, they have ordered A320s with all business configuration.
Doing business in aviation is sure not as smooth as silk.

I had heard that Airbus said no to the 320's as Paramount was not paying for there E170's.

Update
 

Paramount to pay $5.25 mn to UK firm : Rediff.com Business

From all the brooha they made in the past about being one of the only profitable airlines in India, it seems they have a bit of a "cash flow" issue too much like the others.

Not sure who then are sustaining infrastructure with 1 aircraft.

i seem to be getting some form of sadistic pleasure out of this:E, cant believe they wanted 25 lacs for a piece o **** E170!!
serves them right i tell u!but i feel for the guys who paid up

"piece o shit E170!!"
 

The problem is not the Embraer..........BA, LH, JAL, AF/KLM and many other 'premier league' airlines are operating the E-Jet profitably.

No, the problem is the country that lies a lowly No.84 in the International Corruption Perception Index.

That country is India.

Have some respect for the machine and men who make and fly them. What is ****ty is not the E170, but the 27 year old CEO they started with.

sry, i din mean the E170 is a piece of **** (a fit of anger), just the fact they were charging 25 lacs for it, im sure the rating dosent cost as much and yes i was cursing the management ,really feel for the pilots, especially the freshers who paid up

Sadistic Pleasure
 

Well at the end of the day some of us are having that sadistic pleasure and enjoying it :E

At the same time its sad to know that a company which was running in profits going down, that too first of its kind from S.India.

If they were running profits, why won't they pay for the aircrafts which they were using.

If they were running in profits ..

1. Why did they not pay salaries to their pilots and cabin crew and some other staff ?

2. Why did they charge 25 Lakhs for E-170 rating and 15 more lakhs black money under the table for trainee FO job ?

3. Why did they charge 1 lakh cash under the table for job as cabin crew ?

4. Why did the F@CK face MD of this airline have to resort to pathetic PR spin and "purchase" a few awards to be in the limelight ?

I dont know the answers to your questions guys. But as far as I know Paramount posted a profit of 7.26 crores and that too profit for three years in a row.
Only Paramount, IndiGo in Profit
And that concludes my point to prove it was in profit.:)

Not sure on this, but at then end of the day money is money and the company will take it from whom so ever they can. Be it flight crew,cabin crew or ground crew,its just business.

And could you please elaborate on why you think the MD is that kinda person?

Unfortunately I don't work for paramount and so I don't know why they didn't pay off their crew or for the planes. And I honestly feel sorry for the guys who didn't get their cheque.:(

ohh come on niks

theyr not worth defending, besides if im right there are 100s of ways of hiding thier losses because the airline isnt their main business, i think its textiles....

They make profit cause they dont pay........

Simple it is all gross profit

And yes since they are a private firm no way to validate their numbers. Did some one say SATYAM

Being a private firm doesn't mean that they've got their numbers manipulated (Not everyone is a Raju:\)
You cannot hide these kind of things for long. The bubble will break at some point. Likewise in the case of paramount the quest to prove that they'd been manipulating profit numbers is definitely not going to stand a chance.
And which sane company would want to show the Govt during recession times, yes am running in profits and don't require a bail out even if you want to give us one.


KJ

has paramount stopped flying, I havent see a plane for a while ? and at CCU I see all the ground equipment parked in the corner with all the dirt covered MDLR stuff.

If you see a private firm which is showing profits, fully knowing that profits will be taxed, it means one of these

1. The firm is actually getting profit, and the managment is being honest about it.

2. The firm is not making profits, but is interested in keeping a good image in media keeping in mind some Initial Public Offer.

In aviation business where profit margins are low even a half wit chartered accountant can churn the numbers to show losses and hence avoid Income tax. In fact thats what paramount has done, they showed profit of less than USD 2.00 per passenger (in an all business class airline).

What Raju did was a foul play at large with very imaginative numbers, Paramount on the other hand is currently not in a position to do something of that scale. Per passenger profit at Paramount is comparable to per passenger profit at Indigo, an LCC with many of the depreciating assets owned by the airline itself. Which imply that on per passenger basis Indigo made much more profit than the business class paramount.


Any ways the figure of profits is what is provided by the Ministry of Civil Aviation and not by Income Tax Department, these two numbers could be different.

keeeeeelwhang,since you seem to know a lil bit about India,here is one thing you also might want to add to your shallow knowledge bank-India is also an economic powerhouse and one of the largest economies in the world.

And please define 'largest' economy in the world for me please? Just because you have a massive population, by comparison you DO NOT have one of the LARGEST economies in the world.

India is on the rise and doing VERY well - but please, lets not kid ourselves, it is still a developing nation and is a front runner in that aspect. India has the potential to be a force in the future no doubt - but please, leave the 'largest economy stuff out of this. Because it just isn't so.

Re: Dagar
 

You mis-understand me............... I like to think I have some knowledge of India. I have been travelling there, both professionally and for pleasure, since the late 70's. I have a love/hate relationship with the place - love the people/hate the beaurocracy and corruption. I am fortunate to have many Indian friends, all of whom cite corruption (followed by poverty) as the main problems. And I didn't publish the Corruption Index.

Don't shoot the messenger.

Perhaps, located in LA, your vision is a bit distorted.