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 19,2020

Bengaluru, Jul 19: Senior JDS leader H D Kumaraswamy on Sunday advised the Karnataka government to utilise the services of private medical colleges in treating Covid-19 patients, by taking them into confidence, instead of threatening them with license cancellation for not complying with directives.

He also said a concentrated effort should be taken in the fight against coronavirus. "It was wrong for any hospital to deny treatment. It is also not correct on part of the government to threaten the private medical colleges with cancellation of their licence for that reason. It won't be of any help at this time of medical emergency.

Remember that MCI has the authority to cancel licenses, not government," Kumaraswamy tweeted. "Instead of showing fury on private medical colleges at such a time, concentrate on taking their service by taking them into confidence. Look into their needs. I urge for a concentrated fight against coronavirus," he added.

Chief Minister B S Yediyurappa had on Saturday convened a meeting with Private Medical College Hospitals regarding Covid management and directed them to provide 50 per cent of the beds as promised.

In another tweet, Kumaraswamy said the notice being put out by local administrations in front of coronavirus patient's house is leading to new age social discrimination and untouchability.

To ensure that infected patients and his family leads a respectable life, such a practice has to be dropped immediately. "..... instead health workers should be sent to their houses to educate and instill confidence in them," the former CM added.

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News Network
March 23,2020

Bengaluru, Mar 23: Karnataka Home Minister Basavaraj Bommai had warned those who chose to defy the lockdown order clamped in nine districts, to prevent the spread of the dreaded COVID-19 virus in the state. 

Speaking to newsmen, he said, "We have ordered for a lockdown in nine districts in the state to prevent the spread of the coronavirus and issued guidelines to follow it."

The nine COVID-19-affected districts are Bengaluru, Bengaluru Rural, Mysuru, Kodagu, Dakshina Kannada (Mangaluru), Dharwad, Belagavi, Kalaburgi and Chikkablapur.

According to Mr. Bommai, the State government will put in place further measures next week depending on how the situation will unfold in the State and the neighbouring States.

"Government offices will be operational in the State, including in the nine COVID 19-affected districts. As per the current schedule, the legislature sessions will also continue. Pourakarmikas will be working at 50% strength," he added.

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coastaldigest.com news network
February 23,2020

Mangalore University has been participating in the campus bird count a sub-event of ‘Great backyard bird count’ (GBBC) organized by Bird Count India for the past 5 years. This year, CBC was held from 14th to 17th February of 2020 across various campuses in India.

This year the four days event was successfully ended up with the sightings of 103 species of birds from various locations across the campus spread on 300 acres. In this Black Drongo, Black Kite, Brahminy Kite, Common Iora, Green Wabler, Purple-rumed Sunbird, Red-whiskered Bulbul, White-cheeked Barbet, Jungle Babbler and Plum headed parakeets were the common birds, and also observed House Crow with nest and nestlings, Indian Robin nest with eggs, Bronzed Drongo constructing the nest and Shikra mating and carrying nesting materials.  Whereas Yellow-billed Babbler is rare in the campus, Ashy Drongo, Barn Swallow, Booted Eagle, Grey Wagtail, Indian Pitta etc. were migratory birds, Grey-headed Bulbul (Near Threatened bird), Rufous Babbler and Grey-headed Bulbul were Western Ghats Endemics  and Brown Wood Owl, Barn Owl, Spotted Owlet, Nightjars (Savanna, Indian and Jerdon’s) and Sri Lanka Frogmouth were nocturnal birds. Blue-eared Kingfisher Grey-bellied Cuckoo which was very rare and new additions to avian list of the campus.

In the first year (2016) of Mangalore University’s CBC recorded 77 species, in 2017 recorded 95 species, in 2018 recorded 110 species and in 2019 recorded 107 species of birds. However some of the common species like Rose ringed parakeets, Blue tailed bee-eater, Nilgiri Flowerpecker and Indian roller etc., sighted last year were not seen this year. But with 2 new additions from this CBC, the checklist of Mangalore University Campus has been updated with a total of 141 species.

This event was coordinated by Vivek Hasyagar from the Department of Applied Zoology and Maxim Rodrigues from the Department of Marine Geology. Survey trails were led by more than 60 students and research scholars from various Departments of Mangalore University includes Applied Zoology, Biosciences, Microbiology, Botany, Physics, Chemistry and Material Science.  In addition, some enthusiastic participants from St. Aloysius College had involved in identifying the birds around the campus.

Quote:

Wild/planned fire affects negatively on the existing ecologically sensitive areas in and around the campus especially in lateritic grasslands. Because many insectivorous birds are dependent on these lateritic grassland habitats for their food and breeding grounds for many ground dwelling birds like Yellow wattled lapwing, Red wattled lapwing, Indian Robin and Barred buttonquails. Conserving these habitats will be helpful in protecting these birds.

Quotes from the participants: “The Campus Bird Count 2020 at Mangalore University was an experience of its own kind. Observing birds in their natural habitat gave me new perspective of viewing them not only as another living being, but as equals, or even of higher intelligence. The Campus Bird Count is an important step towards documenting bird life year after year, and creating awareness amongst youngsters, so that proper conservation steps can be taken to protect them from human interference”.

-Jyotsna Dessai ( 1 M.Sc Zoology)

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