Couches to jet: Mallya assets to go under hammer for Rs 700 cr

July 31, 2016

Mumbai, Jul 31: As the lenders and tax authorities cool their heels for Vijay Mallya to return to India, they will put under hammer next month assets worth over Rs 700 crore of the embattled businessman's long-defunct Kingfisher Airlines.vijay-mallya-reuters

The items waiting for the right bidders are plenty -- the erstwhile headquarters Kingfisher House near airport here; cars and office furniture; Mallya's plush personal jet along with everything inside that include cushy couches and even a bathrobe; Kingfisher Villa in Goa famous for parties hosted by Mallya; and numerous brands and trademarks including the famed 'Fly with Good Times'.

This would be the second try by the lenders and tax authorities at auction of these assets as part of their efforts to recover thousands of crores worth outstanding dues, after the earlier attempt for each of these properties proved to be a damp squib.

Mallya's personal jet is being put under hammer by the service tax department, while other properties will be auctioned by the lenders whose dues from long-grounded Kingfisher Airlines have ballooned to over Rs 9,000 crore including penal interest.

For almost all the properties, the reserve price has been marked down after the earlier attempts failed to attract bidders.

The 17-bank consortium, led by the State Bank of India, is re-auctioning Kingfisher House in Mumbai and the airlines' trademarks and brands, including the 'Kingfisher' logo.

On August 4, the lenders will re-auction Kingfisher House, the erstwhile headquarters of the airline, at a lower reserve price of Rs 135 crore. In the initial attempt in March to sell the property with a built-up area of over 17,000 sq ft in plush Vile Parle area near domestic airport here, not a single bidder came forward at the then reserve price of Rs 150 crore.

Banks have also put up some of the movable secured assets worth Rs 13.70 lakh lying at Kingfisher House for sale. These assets will be auctioned separately on August 25 by SBI Cap Trustee, which possesses these assets on behalf of the lenders.

The items on sale would include eight cars -- Toyota Innova, Honda City, Honda Civic and Toyota Corolla, among others. The reserve price of each car has been set differently in the range of Rs 90,000-2.50 lakh.

These items will be sold on individual basis and not below the reserve price, according to a public notice put up by SBI Cap Trustee.

In another second attempt, banks will auction brands and trademarks of Kingfisher Airlines including the Kingfisher logo as also the once-famous tagline 'Fly the Good Times' on August 25.

The other trademarks on sale included Flying Models, Funliner, Fly Kingfisher and Flying Bird Device. The reserve price for auction of brands and trademarks has also been reduced to Rs 330.03 crore from Rs 366.70 crore earlier.

In the heydays of Mallya-led group, the Kingfisher brand itself was valued at over Rs 4,000 crore by Grant Thornton when the airline was at its peak.

In its annual report for 2012-13, KFA said that at it peak, it was the largest airline in the country with a five-star rating from Skytrax. The airline's brand had been registered separately from the Kingfisher beer trademarks.

Banks will also soon auction Kingfisher Villa situated at Condolim, in north Goa, which they took possession from the group in May this year after a long legal battle.

The date for the auction of Kingfisher Villa has not been announced so far, but it can also happen in August itself.

According to sources, valuation process by the banks is underway for the Villa, which has come out to be around Rs 90 crore.

Meanwhile, the service tax department will again auction the luxury personal jet of Mallya on August 18.

In the earlier auction on June 30, the department had rejected the sole bid of Rs 1.09 crore offered by the United Arab Emirates-based aviation support firm Alna Aero Distributional Finance Holdings, against a reserve price of Rs 152 crore.

The new pricing has not been announced yet by the Department but sources say it would also be lowered.

Comments

suleman beary
 - 
Sunday, 31 Jul 2016

700 Crores against 9000 Crores....
All these managers assets should be confiscated to recover the balance.

Rikaz
 - 
Sunday, 31 Jul 2016

Kingfisher did not print calendar in 2016....

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News Network
July 5,2020

Bengaluru, Jul 5: A 50-year-old woman with breathing difficulties died on Saturday after a shortage of beds forced 12 hospitals to refuse admission.

Her husband Babu said the family had approached 12 hospitals in three days, including Victoria Hospital and other private facilities, who all slammed their doors on them, citing a shortage of beds. The woman died on Saturday, a few minutes into her admission at KC General Hospital.

Second death 

A 35-year-old man, Manjunath, also died on Saturday after enduring fever for three days and being refused admission at several hospitals due to a shortage of beds.

As his condition worsened, his wife admitted him to a private hospital on Saturday after hours of ordeal. But the man died less than 15 minutes after getting admitted. Hospital authorities took swab samples from the deceased and said the body would be handed over after the test results.

BBMP personnel also failed to shift the body of a Covid-19 patient in Kalasipalya almost a day after the death.

Despite civic workers disinfecting the place, the neighbours were in a state of panic after the body was kept at home.

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coastaldigest.com news network
June 19,2020

Mangaluru, Jun 19: Mohammad Haneef Guddemane, a cattle trader, who was thrashed by the miscreants of Bajrang Dal while legally transporting cattle last weekend, today appeared before media and demanded appropriate action against the assailants.

The attack took place on June 14 at Urwa in the city when he was transporting four buffalos along with all necessary documents. The attack was also captured on a CCTV camp. 

The victim, who addressed a press conference today, said that it was not the first time he is transporting cattle as into animal and husbandry for years. 

“I had bought 10 she-buffaloes on June 13 from Ranennur and obtained certificate from the local government veterinary doctor after which the animals were brought to my village,” said Haneef, who is a resident of Jokatte on the outskirts of the city. 

He said that he was transporting four out of the ten she buffaloes he had bought to the slaughterhouse at Mangaluru on June 14 when a gang of around 15 members which intercepted his vehicles near Urwa police station dragged him out of the vehicle, rained abusive words at him, made blasphemous remarks about his religion, and hit him with a helmet besides kicking him. 

He said that three of the assailants were armed with sabre, iron rod and wooden sticks. 

"They also tied me to the vehicle and assaulted. They also attacked me with their arms but I escaped. Their plan was to kill me. Fortunately, the police reached the spot and the assailants escaped. However, they thoroughly damaged my vehicle and robbed Rs 7,800 I had with me. I got treated at Highland Hospital in the city," he stated.

Expressing shock over the soft corner approach of the police towards the assailants, he said that only six of around 15 attackers were booked by the police. 

“All the accused were let off by the police after registering petty cases. Ironically, the police had not recorded my statement. On the day of attack, they had asked me to sign on a paper. It contained the complaint written by themselves. Hence, on June 17 I visited the Urwa police station and recorded my statement,” he said.

He said that even though he has all the documents pertaining to the cattle that he had purchased, the police had registered false cattle theft charge against him. 

Former city mayor K Ashraf, Hyder, bother of the victim and Shamsuddin, Jokatte gram panchayat vice president were present at the press meet.

Also Read: Mangaluru: Bajrang Dal men thrash cattle trader after waylaying buffalo-laden vehicle

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News Network
January 19,2020

Udupi, Jan 19: Union Minister for Finance and Corporate Affairs Nirmala Sitaraman has said the mutt tradition in Udupi is a unique tradition and a perfect example of the country’s rich heritage of spirituality.

Speaking at the Darbar organised for the incoming Paryaya Admar Mutt seer Sri Eeshapriya Theertha Swamiji at Rajangana, here Saturday night, she said, “Paryaya festival is not just an event. It represents the presence of the Lord. I am conscious about the history. I am immensely blessed to be associated with the Krishna Mutt in one or the other.”

She turned nostalgic and traced her connection with the Krishna mutt which started in her childhood. “I am attached to the Mutt and temple due to my maternal uncle. My uncle was a bank employee and he spent his career in Manipal. I am being drawn to the mutt for the past 25 years. I am blessed immensely by the seers of the mutt and Lord Krishna.”

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