{"id":21639,"date":"2025-05-24T07:03:58","date_gmt":"2025-05-24T07:03:58","guid":{"rendered":"https:\/\/epiccontentanddesign.com\/grmi\/?p=21639"},"modified":"2025-05-24T07:14:47","modified_gmt":"2025-05-24T07:14:47","slug":"case-study-corporate-governance-kingfisher-airlines","status":"publish","type":"post","link":"https:\/\/epiccontentanddesign.com\/grmi\/blog\/case-study-corporate-governance-kingfisher-airlines\/","title":{"rendered":"Case Study | Corporate Governance | Kingfisher Airlines"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"21639\" class=\"elementor elementor-21639\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-89ae7b8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"89ae7b8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5114c34\" data-id=\"5114c34\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f3f8ebc elementor-widget elementor-widget-text-editor\" data-id=\"f3f8ebc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCASE STUDY- KINGFISHER AIRLINES\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-71636099 elementor-widget elementor-widget-text-editor\" data-id=\"71636099\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBY AATIF PILPILE\u200b, AKSHAY R S,\u200b GOVIND, \u200bPRIYANKA NEELAM (PGDRM Batch Jan\u201920-21 and July\u201919-20)\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-810fe9f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"810fe9f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f2b710d\" data-id=\"f2b710d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-bf0c979 elementor-widget elementor-widget-text-editor\" data-id=\"bf0c979\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCORPORATE GOVERNANCE\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9319abe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9319abe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-173212a\" data-id=\"173212a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-511e61a elementor-widget elementor-widget-text-editor\" data-id=\"511e61a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tCadbury Committee\u200b: \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-49c9f46 elementor-widget elementor-widget-text-editor\" data-id=\"49c9f46\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Corporate governance is the system by which business corporations are directed and controlled. Board of Directors is responsible for the governance of their companies. The shareholders\u2019 role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c9561bc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c9561bc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ac7738\" data-id=\"0ac7738\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-86f00a8 elementor-widget elementor-widget-text-editor\" data-id=\"86f00a8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tOrganization for Economic Co-operation and Development:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b4356c7 elementor-widget elementor-widget-text-editor\" data-id=\"b4356c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Corporate governance involves a set of relationships between a company\u2019s management, its board, its shareholders and other stakeholders. It provides the structure through which the objectives of the company are set, and the means of attaining those objectives and monitoring performance are determined. \u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5419ea2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5419ea2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e79dcb4\" data-id=\"e79dcb4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-607fc5a elementor-widget elementor-widget-text-editor\" data-id=\"607fc5a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe Institute of Company Secretaries of India:\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-e3c9574 elementor-widget elementor-widget-text-editor\" data-id=\"e3c9574\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Corporate Governance is the application of best management practices, compliance of law in true letter and spirit and adherence to ethical standards for effective management and distribution of wealth and discharge of social responsibility for sustainable development of all stakeholders.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7ec4da3 elementor-widget elementor-widget-image\" data-id=\"7ec4da3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"768\" height=\"576\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/NEED-OF-CORPORATE-GOVERNANCE_-768x576-1.png\" class=\"attachment-full size-full wp-image-21642\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/NEED-OF-CORPORATE-GOVERNANCE_-768x576-1.png 768w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/NEED-OF-CORPORATE-GOVERNANCE_-768x576-1-300x225.png 300w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-48bf951 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"48bf951\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a2193f\" data-id=\"5a2193f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a12686c elementor-widget elementor-widget-text-editor\" data-id=\"a12686c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tKINGFISHER AIRLINES CASE STUDY\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-81a5fbc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"81a5fbc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-0ef0fb5\" data-id=\"0ef0fb5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-085a750 elementor-widget elementor-widget-text-editor\" data-id=\"085a750\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tAbout the company\u200b: KINGFISHER AIRLINES LIMITED\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-39fd264 elementor-widget elementor-widget-image\" data-id=\"39fd264\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"269\" height=\"196\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.12.08-PM.png\" class=\"attachment-full size-full wp-image-21643\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a61c1b4 elementor-widget elementor-widget-text-editor\" data-id=\"a61c1b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Kingfisher Airlines Limited was an airline group based in India.<\/li>\n<li>Its head office is in Andheri (East), Mumbai, and its registered office in UB City, Bengaluru.\u200b<\/li>\n<li>Kingfisher Airlines, through its parent company United Breweries Group, had a 50% stake in low-cost carrier Kingfisher Red.\u200b<\/li>\n<li>Until December 2011, Kingfisher Airlines had the second-largest share in India\u2019s domestic travel market.\u200b<\/li>\n<li>The chairman of the company is Mr. Vijay Mallya, who has now cases pending against him.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c5e91a2 elementor-widget elementor-widget-image\" data-id=\"c5e91a2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"637\" height=\"362\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.14.27-PM.png\" class=\"attachment-full size-full wp-image-21644\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.14.27-PM.png 637w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.14.27-PM-300x170.png 300w\" sizes=\"(max-width: 637px) 100vw, 637px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a9ce22f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a9ce22f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-741c442\" data-id=\"741c442\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-af8c48e elementor-widget elementor-widget-text-editor\" data-id=\"af8c48e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\u200bInitial Troubles \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-969877e elementor-widget elementor-widget-text-editor\" data-id=\"969877e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>KFA\u2019s troubles started right from the start of its operations in 2005. It is also a well-known fact that the fixed costs for Airlines are very high. Fuel expenditure accounted for 50% of aviation firm\u2019s operating costs. In 2005, the oil prices were soaring at nearly $75 per barrel.\u200b<\/li>\n<li>For 2005, KFA had a revenue of \u20b9 305.55 crore ($ 61 million),and the net loss was \u20b9 19.53 crores ($ 4 million). In 2006 the revenue increased three fold to \u20b9 989.12 crores ($197.8 million), and net loss has grown to an alarming \u20b9 272.44 crores ($54.4 million).\u200b<\/li>\n<li>In order to increase crew size and start foreign service, KFA went for a reverse merging with Air Deccan.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1db66f1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1db66f1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7bd3ad9\" data-id=\"7bd3ad9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-753e262 elementor-widget elementor-widget-text-editor\" data-id=\"753e262\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tMerging of Air Deccan\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e7b0051 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e7b0051\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-387dad3\" data-id=\"387dad3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ec7593d elementor-widget elementor-widget-text-editor\" data-id=\"ec7593d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>Acquisition of Air Deccan  Towards the end of 2007,  KFA in order to meet this requirement decided to acquire 46% of \u2018Air Deccan\u2019 another low cost Airliner, to compete with other  low cost carriers and most importantly to be able to open international operations.\u200b<\/li>\n<li> Air Deccan was in existence for more than five years and this acquisition would allow KFA to fly on international routes. To facilitate this, a reverse merger was engineered, first Air Deccan acquiring KFA and few months later the merged Airline becoming KFA again. \u200b<\/li>\n<li>KFA also hoped that the acquisition would save \u20b9 300 crore ($60 million) annually and also increase the fleet strength to 71. This acquisition was financed with \u20b9 550 crore ($110 million) from the group\u2019s holding company UB Ltd.\u200b<\/li>\n<li>By March 2008, the debt stood at \u20b9 934 crore ($186.8 million)\u200b<\/li>\n<li>In 2009 KFA board of directors approved a resolution to raise \u20b9 500 crore (US $ 100 Million) by using Global Deposit Receipts (GDRs) and also other means. Further they approved raising another \u20b9 500 Crore ($100 Million) by issuing rights shares to existing shareholders\u200b<\/li>\n<li> By the end of 2009 the net-worth of the company has become negative.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-388fa7c elementor-widget elementor-widget-text-editor\" data-id=\"388fa7c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tBanks Came To The Rescue \t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf443f5 elementor-widget elementor-widget-text-editor\" data-id=\"cf443f5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<li>In 2009, IDBI approved a loan of \u20b9 950 crore ($190 million) in spite of turning down the same request in 2006.\u200b<\/li>\n<li> Mallya approached a number of other banks between 2008 and 2010 and managed to get huge amount of loans from a number of banks.\u200b<\/li>\n<li>Surprisingly these banks provided the loans to KFA by taking the company\u2019s \u2018brand value\u2019 into consideration and seven trademarks as collateral. They included Fly Kingfisher (Label Mark and Word), Flying Models of Kingfisher, Fly the Good Times, Funliner and Kingfisher, which were valued by global consultancy firm Grant &#038; Thornton.\u200b<\/li>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b988bac elementor-widget elementor-widget-image\" data-id=\"b988bac\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"792\" height=\"422\" src=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.17.17-PM.png\" class=\"attachment-full size-full wp-image-21645\" alt=\"\" srcset=\"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.17.17-PM.png 792w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.17.17-PM-300x160.png 300w, https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Screen-Shot-2021-04-22-at-6.17.17-PM-768x409.png 768w\" sizes=\"(max-width: 792px) 100vw, 792px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8cea733 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8cea733\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d9c86b6\" data-id=\"d9c86b6\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-16a134c elementor-widget elementor-widget-text-editor\" data-id=\"16a134c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tRead the full case study here: <a href= \"https:\/\/epiccontentanddesign.com\/grmi\/wp-content\/uploads\/2025\/05\/Kingfisher-Airlines-Case-Study.pdf\"; target =\"_blank\">Kingfisher Airlines Case Study<\/a>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e1f59b6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e1f59b6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-becfddc\" data-id=\"becfddc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-049054b elementor-widget elementor-widget-text-editor\" data-id=\"049054b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tDisclaimer\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0299177 elementor-widget elementor-widget-text-editor\" data-id=\"0299177\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThis report has been produced by students of Global Risk Management Institute for their own research, classroom discussions and general information purposes only. While care has been taken in gathering the data and preparing the report, the student\u2019s or GRMI does not make any representations or warranties as to its accuracy or completeness and expressly excludes to the maximum extent permitted by law all those that might otherwise be implied. References to the information collected have been given where necessary.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-11d6fd4 elementor-widget elementor-widget-text-editor\" data-id=\"11d6fd4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tGRMI or its students accepts no responsibility or liability for any loss or damage of any nature occasioned to any person as a result of acting or refraining from acting as a result of, or in reliance on, any statement, fact, figure or expression of opinion or belief contained in this report. This report does not constitute advice of any kind.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>CASE STUDY- KINGFISHER AIRLINESBY AATIF PILPILE\u200b, AKSHAY R S,\u200b GOVIND, \u200bPRIYANKA NEELAM (PGDRM Batch Jan\u201920-21 and July\u201919-20)CORPORATE GOVERNANCECadbury Committee\u200b: Corporate governance is the system by which business corporations are directed and controlled. Board of Directors is responsible for the governance &hellip; <\/p>\n","protected":false},"author":1,"featured_media":21641,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-21639","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Case Study | Corporate Governance | Kingfisher Airlines - GRMI<\/title>\n<meta name=\"description\" content=\"Case Study | Corporate Governance | Kingfisher Airlines\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/epiccontentanddesign.com\/grmi\/blog\/case-study-corporate-governance-kingfisher-airlines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Case Study | Corporate Governance | Kingfisher Airlines - 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