SpiceJet paid PF and outstanding salary of employees: The airline facing financial crisis gave ₹ 160 crore, had raised ₹ 3000 crore from QIP

SpiceJet, the airline struggling with financial crisis and legal cases, has paid the Employee Provident Fund (PF) and outstanding salary 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 all the pending statutory liabilities including the PF of the employees pending for about two years, the airline has paid tax deduction at source (TDS), goods and services tax (GST) and outstanding salary of the employees.

SpiceJet had raised ₹ 3000 crore from Qualified Institutional Placement It has said that it has settled its dues by raising an amount of 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 future crises.

EPFO had sent notice for not paying 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 two and a half years. The airline last deposited money in the PF accounts of 11,581 employees in January 2022. EPFO ​​had 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 any employee’s basic pay and DA is deposited in the PF account. The company also deposits 12% contribution in the employee’s PF account. Out of the company’s contribution, 3.67% is credited to the EPF account. Whereas, 8.33% amount is deposited in the pension scheme.

SpiceJet share fell 3.38% this year SpiceJet share closed at Rs 58.59 today (13 December), rising 1.38%. The company’s share 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 3.38%. The market cap of the company is Rs 7,510 crore.

Many legal cases are ongoing against the company Several leasing companies have filed cases against it. Some of these cases are related to extending aircraft leases. Earlier in April, the National Company Law Tribunal (NCLT) had issued a notice to SpiceJet for default of a total of Rs 77 crore in an insolvency petition filed by three aircraft lessors.

SpiceJet had a dues of Rs 601.5 crore as of September 15 SpiceJet had a dues of Rs 601.5 crore as of September 15. Out 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.