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
January 18,2020

Mangaluru, Jan 18: The Muslim Central Committee of Dakshina Kannada and Udupi has claimed that around 3 lakh people had gathered at Shah Gardan, Adyar-Kannur in Mangaluru on January 15, even though their expectation was just 1 lakh people.

The protest against CAA, NPR, NRC and police atrocities against minorities was jointly being organised by the various Muslim organisations of twin district under the leadership of Muslim Central Committee.

“We had just expected around 1 lakh people. But the Mangaluru witnessed the largest gathering in its history on Jan 15. Around 3 lakh people had participated in the protest,” Ibrahim Kodichail, vice president of the committee told media persons today.

K S Mohammed Masood, president of the committee, added that the event was a grand success and fretful, besides being peaceful. He wholeheartedly thanked all those who strived hard to make the protest a great success and to those who had taken part in it.

“At least 28 organisations have come together. As a result 3 lakh people assembled. I thank all those organisations,” he said.

He also opined that police too had helped to maintain law and order and cooperated with the protesters at the venue.

SM Rasheed Haji, B M Mumtaz Ali, Syed Ahmed Basha Thangal, Kasim Ahmed H K and Mansoor Ahmed Azad were present at the press meet among others.

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coastaldigest.com news network
May 31,2020

Mangaluru, May 31:  Even as the worst locust attack on India in recent years raised concerns over its impact on crops, swarms of locusts have triggered panic in Karnataka’s Dakshina Kannada too. 

Farmers in the coastal district were taken aback when they found the swarms of locusts, which they feared as the arrival of desert locusts in the region.

According to reports, Renjalady village under the limits of Nuji Baltila Gramp Panchayats in Kadaba taluk and Shirlalu village in Belthangady taluk witnessed locust attacks in last couple of days. 

“Locust swarms were seen in many areas. We have also alerted agriculture department. Already insects have destroyed crops of many farmers,” said a farmer in Shirlalu village.  

Joint director of Dakshina Kannada district agriculture department MC Seetha confirmed that officials have received information from villagers about the locust scare and entemologists have already visited the place to collect more information.

Not Desert Locusts?

“We contacted entemologists and forwarded the pictures that farmers sent to us. Looking at the picture, entemologists have opined that it may be calotropis locust or colour grasshopper. Desert locusts usually arrive in lakhs,” said Ms Seetha. Desert locusts that are destroying crops in other parts of India may not come to Dakshina Kannada, she added.

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coastaldigest.com news network
May 6,2020

Mangaluru, May 6: Amidst preparation for the paid evacuation of Indians stuck in Gulf countries amidst coronavirus lockdown, the central government has announced that it would only do a medical screening of the passengers before the flight and only asymptomatic persons would be allowed to travel.

Each passenger will have to fill a self-reporting form to be presented at the health and immigration counter at their destination.

The passengers are required to state whether they are suffering from fever, cough, diabetes or any respiratory disease. This form is similar to the one filled by passengers landing in India during the early days of the COVID-19 outbreak.

As per the announcement by the government, returnees would undergo COVID-19 once they complete 14-day quarantine in a hospital or government –arranged institution on a payment basis.

However, the form asks the applicants to keep themselves isolated at home for 28 days unless they develop any symptoms such as fever and cough.

During the journey, they will have to follow the protocols such as those issued by the Health Ministry and the Civil Aviation Ministry. Applicants from the UAE are yet to receive instructions on these.

On reaching the destination, passengers will have to register on the Arogya Setu app, India’s mobile application for COVID-19 surveillance.

No physical distancing!

Air India Express (AIE) which is set to operate the first two flights to Kerala on Thursday will operate its Boeing 737-800 flights, with a seating capacity of 186 economy class seats.

With nine seats reserved for isolation, only 177 passengers would be flown, sources said.

While most of the UAE flights in the first week will be operated by the AIE, Air India will operate two of its Dreamliner aircraft with a seating capacity of 256 seats. These flights would also reserve some seats for isolation.

However, the plan has made it clear that the Indian government will not be following the rules of physical distancing to prevent the spread of coronavirus in the repatriation flights.

Several people, including the Chief Minister of Kerala Pinarayi Vijayan, expressed concern over flying passengers, who will not be tested for COVID-19, without observing physical distancing.

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