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....

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 12,2020

Raipur, Apr 12: As many as 108 out of the 159 people that were quarantined by the Chhattisgarh government last week for allegedly taking part in Delhi’s Tablighi Jamaat congregation are Hindus, according to reliable sources. 

The names of these 159 people, who were said to be in Delhi’s Nizamuddin area when the Tablighi Jamaat congregation was held mid-March, were mentioned in a list issued by the state home department last month. 

The list has been accessed by the many media outlets. But, Raipur Collector S. Bharti Dasan and the state’s Principal Secretary, Home, Subrata Sahu, claimed no such list was issued.

However, a senior state home department official, who didn’t want to be named, said: “Listing of the names was done on the basis of location of mobile phones traced in Nizamuddin in the month of March during the period when congregation of Tablighi Jamaat was held.

“It was subsequently sent to the chief medical officers in the respective districts for further action,” the official added.

These 159 people have either been quarantined at their homes or at government isolation centres. The quarantine exercise took place between 31 March and 1 April.

Interestingly, almost all the people named in the list have denied attending the massive Jamaat congregation, which had seen the participation of over 3,000 people, including foreigners.

Under quarantine “forcefully”, these people alleged they are facing social boycott as they have been “linked to the Tablighi”.

Those placed under quarantine, told media if their phone locations have shown their presence in the Nizamuddin area that didn’t necessarily mean they had attended the Tablighi congregation.

“My neighbours are no longer like my family. After 31 March, I have received more than 500 calls (from relatives and friends) and had to convince them that I didn’t attend the Jamaat event,” Umesh Pandey, a resident of Ambikapur, said.

“People in my area have started saying that some Brahmins took part in the event. I have no objection to being kept in quarantine, but it should be explained why it is being done,” said Pandey, who is a consumer rights activist.

Pandey said, like every year, he had gone to Delhi in March to participate in a consumer protection programme and had stayed at a hotel in Nizamuddin. “I came back on 17 March. After I was quarantined, a false propaganda is being spread about me that I am linked with Tablighi Jamaat activities.”

Pandey said he and his family are now being “looked at as suspects”. 

Kamal Kumar Popatani, a businessman from Bilaspur district, has faced similar problems. Popatani and his family have been living in isolation since 31 March.

“I am completely flabbergasted by this step taken by the state government. I always visit Delhi to procure items for my shop. This time too I had completed my procurement and had returned home on 16 March. Everything was usual till 30 March, but suddenly after 31 March, when this so-called list of 159 alleged suspects was released by the government, we were placed under isolation,” Popatani said.

“My own family members, neighbours and everyone I know are now accusing me that I had joined the Tabligi Jamaat gathering. How can it ever happen? This strange attitude of the government has made my entire family a victim of social boycott.”

Trader Abdul Rahman, a resident of Lutra Sharif area of Bilaspur district, also echoed similar sentiments.

“I returned from Delhi along with my wife on 15 March, but my entire family has been kept in isolation since 31 March. All this is way beyond my comprehension… Blood samples of the entire family were taken. Now everyone is keeping a distance from us and calling us corona suspects,” said Rahman, who had gone to Delhi for a holiday.

“People not only from my village but also in the nearby villages are pointing fingers at me and my family… We are the ones who condemn Tablighi Jamaat and their activities. We have nothing to do with them. The quarantine… has brought…infamy to us,” he added.

In another goof-up, the list even includes names of some people who no longer live in the state but carried mobile numbers issued in Chhattisgarh. One such name is that of BSF sub-inspector Shantanu Mukherjee, who was working in Bhilai about two years ago, but is currently posted in Delhi.

“What kind of list is this? Who released it in the first place? At first, I received a call from the Covid-19 control room in Chhattisgarh and then from the State Police Control Centre. They inquired about my health and current place of posting,” said Mukherjee, whose office is located close to the Nizamuddin area. 

Makkhan Singh Yadav, a sub-inspector with the CRPF, is another case in point. Yadav, who is posted somewhere close to Nizamuddin, had bought a SIM card from Dantewada, when he was posted there five years ago.

“I had received calls from both Delhi and Chhattisgarh police after being marked as a corona suspect. But when I explained the reality to them, no calls were made thereafter. I could not understand how all this is taking place,” said Yadav, who is a native of Rampur, Uttar Pradesh.

A first-year Delhi University student, who belongs to Mahasamund district of Chhattisgarh, has been kept under isolation at a local government hospital.

The student, who didn’t want to be named, said she had gone to Nizamuddin railway station to catch a train for Chhattisgarh.

“I came home immediately after it was announced that educational institutions are shutting down. After returning from Delhi, I spent around 19 days at my own home, but suddenly I was admitted to the hospital on 1 April. Why have I been brought here (hospital) if I have no symptoms? All this feels like some sort of torture.”

“Despite my repeated denial, I was brought here by the health department on the pretext of being associated with the Tablighi Jamaat,” she said. 

Asked about the Tablighi quarantine list, principal secretary Sahu said: “The government has issued no such list. We have received inputs from the social media about three such lists but the state government has not officially prepared any list.

“All those put under quarantine have been done as per the orders issued by the state government. This order states that those who came to the state after 1 March should be kept under isolation,” he added.

Raipur Collector Dasan refused to say anything about the list and added that people have been kept under quarantine after obtaining their “detailed travel history” based on the guidelines issued by the ICMR.

On the allegation of social boycott, Dasan said: “No person or their families placed under home quarantine or isolation should be subjected to any social boycott or misconduct. They also need not have any social inferiority complex in their minds.

“If any person placed under quarantine feels like this (social inferiority complex), the government has arranged counsellors for them. Our counsellors are convincing and assuring such people by reaching out to them.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 27,2020

Belgaum, Mar 26: The police on Thursday thrashed people who had gone to offer prayers at a mosque despite the nationwide lockdown in force.
In a video, the police personnel can be seen thrashing the people with batons while they were leaving after offering prayers at a local mosque here.
In another incident in Rajasthan's Pratapgarh, the police made few youngsters hop along a road and even gave the 'murga,' punishment to a few of them for violating the restrictions.
Similarly in Uttar Pradesh's Budaun, the police made people hop along a road with their bags strapped on their backs as a punishment. The people were possibly going to their native places.
In the video of the Budaun incident, a few men can be seen being made to hop along the road with a stick-wielding policeman keeping a watch.
SSP Budaun told ANI that an investigation is being conducted into the incident and expressed an apology for the police's behaviour.
Prime Minister Narendra Modi had announced a 21-day countrywide lockdown to check the spread of coronavirus, saying that "social distancing" is the only option to deal with the highly contagious disease.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
July 2,2020

Mangaluru, Jul 2:  A seven-day old baby boy was tested positive for Covid-19, Health Department officials said on Thursday.

The infant is currently undergoing treatment at a designated Covid Hospital here. The baby was born at a private hospital in the city last week. 

According to the officials, it was not known as to how the newborn contracted the infection.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.