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
May 29,2020

Bengaluru, May 29: Karnataka Law and Parliamentary Affairs Minister J C Madhuswamy on Thursday said the Centre has objected to the state's decision to increase working days at factories, and the matter would be discussed in the next cabinet meeting.

"....the Centre has raise objection to extending working days and has said it should be brought down. We will amend it....I will share the details after the next cabinet meet, the matter did not come up today (Thursday), we have received the letter," Madhuswamy told reporters in response to a question after the cabinet meeting.

He noted that a couple of states that had increased the working hours have withdrawn it. The Karnataka government had, on May 22, issued a notification allowing factories to extend working hours upto 10 hours a day and 60 hours a week till August 21. The extension of work hours is from the existing eight hours a day and 48 hours a week.

Pointing out that while announcing COVID-19 relief package, the Chief Minister B S Yediyurappa had announced Rs 5,000 per acre for maize farmers, Madhuswamy said while issuing the circular which mentioned that relief would be applicable to rabi crop, as it would not benefit many farmers.

Now, it has now been decided to give Rs 5,000 per acre to all maize farmers, irrespective of rabi or kharif. There were also several rules and regulations for barbers, autorickshaw and taxi drivers among others to claim their one-time compensation of Rs 5,000, the Minister said.

"We have decided to relax most of them (rules) other than those essential and give compensation, as regulations wouldn't have benefited many," he said. With five nominated seats of legislative council falling vacant on June 23, the cabinet has authorised the Chief Minister to nominate for 5 seats.

The cabinet also gave post-facto approval for Karnataka Repealing of Certain Enactments and Regional Law Bill 2020 that has been passed by the legislature.

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coastaldigest.com web desk
July 24,2020

Indore, Jul 24: A woman who sells fruits on a cart and who lashed out at municipal officials here has done PhD in Materials Science. Her siblings too are well educated and sell fruits as they did not find jobs.

Dr Raisa Ansari, who lives at Bakery Street in Pardeshipura with her family said she wanted to be a scientist but did not get a job anywhere.

Speaking to media persons, Raisa said, "I have done PhD in Materials Science and wanted to be a scientist but did not get job anywhere. I sell fruit here but the municipal officials are bothering us. We are being forced to move from here to there like cattle. Our religion may be the reason why we are not getting jobs but we are proud to be Indian. I am still looking for a job."

Dr Raisa's mother Ayesha Ansari said she herself is not educated, but has four children of whom three girls and one boy studied a lot but no one got job.

Speaking to media persons Ayesha said, "I have four children and they are well educated. I have not studied but all my children are educated but did not get job so all of them sell fruits."

"When the matter came to marriage, one of the daughters got married. Raisa and Shahjahan Bi wanted an educated boy, but they were not able to find a suitable match because of their complexion and sometimes they rejected the proposal because of dowry, so both are single. Two of my grandchildren are studying biology. They will become doctors," said Ayesha.

Meanwhile, people in the neighbourhood lauded the family's abilities. They said theirs was an educated family had to sell fruits as they did not get jobs.

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coastaldigest.com news network
April 19,2020

Mangaluru, Apr 19: The covid-19 being spread by the novel coronavirus has claimed a life in the coastal district of Dakshina Kannada.  

The victim, a 50-year-old woman from Bantwal taluk, breathed her last at Wenlock Hospital today morning. 

She was rushed to a private hospital yesterday after she developed breathing problems. Then she was shifted to Wenlock Hospital's block for suspected coronavirus patients, and placed in the intensive care unit (ICU).

Her throat swab was collected the same day and sent for testing for coronavirus. However, today morning her condition worsened and she passed away.

The report was received on later on Sunday afternoon, which confirmed that she had contracted coronavirus.

The woman's family members including her husband, son and mother-in-law have been placed under quarantine. It is learnt that her mother-in-law's condition is serious and she has been admitted to the ICU.

The throat swabs of all the three family members have been sent for coronavirus test. According to sources, the woman's son had come from Dubai recently.

Meanwhile, a 30-year-old woman from Uppinangady, who is undergoing treatment in a hospital, today tested positive for the covid-19.

With the confirmation of two new cases, the total number of reported covid-19 cases in Dakshina Kannada reached 15. Out of which only two case are currently active and 12 have been discharged. Another one passed away.

Comments

Mohith R
 - 
Monday, 20 Apr 2020

I am her son and I returned from Dubai on FEBRUARY 13, not March 16. What fake source are you referring to?

 

 

 

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