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 10,2020

Bengaluru, Jul 10: Karnataka Chief Minister BS Yediyurappa has quarantined himself at his personal residence after three persons posted at his official residence 'Krishna' tested positive for COVID-19. The Chief Minister, who held a cabinet meeting and also visited Karnataka's largest COVID-19 care centre on Thursday, has cancelled all his engagements scheduled for Friday.

In a statement issued on Friday afternoon, Yediyurappa said that he was healthy and will continue to work from his residence. The Chief Minister will remain in home quarantine till next week as protocol mandates. Three persons -- an electrician, a standby driver and a pilot vehicle staffer -- have tested positive for COVID-19.

"Since a few staff at my official residence Krishna have tested positive for COVID19, I will be working from my personal residence for the next few days. I will hold meetings, consultations and issue orders and suggestions via video conferencing. There is no need to worry. I am healthy. I appeal to everyone to take all precautionary measures and follow protocols issued by the government. Wear masks and ensure social distancing and help us contain COVID19," a statement from the Chief Minister said.

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News Network
July 21,2020

Bengaluru, Jul 21: Leader of Opposition and former Chief Minister of Karnataka Siddaramaiah on Monday attacked the ruling government and said press conference of Health Minister B Siramulu was more like an exercise to hide facts than presenting proof with accurate data.

"Got to know about the press conference addressed by B Siramulu and Dr Ashwathnarayan CN to clear accusations of corruption. It looked more like an exercise to hide facts than presenting proof with accurate data," Siddaramaiah tweeted.

"It is still unclear about the points presented in the press conference. They have not answered any of my questions which were raised earlier. I will respond in detail once I receive the written explanation from the govt. Minister has claimed that both Health & Medical education department together have spent Rs323 Cr. But the data presented by them does not even add up to Rs100 Cr. What happened to the rest of the money?," asked Siddaramaiah.

He said that Centre has procured ventilators at Rs4 lakh per unit under PM Cares. But only in our state, the ventilators are procured at Rs12-Rs18 lakh per unit

"Prime Minister's Office has procured ventilators at Rs4 lakh per unit under PM Cares. But only in our state, the ventilators are procured at Rs12-Rs18 lakh per unit. Why do we see such a huge difference in price? Ministers, in the press conference, have told that quality & technological capabilities are the reasons for huge price difference. Does it mean ventilators under PM Cares lack quality? Why did they not present the technical specifications to justify the same?" he asked.

"Not just about the procurement of medical equipment, I had even asked data about food kits, PDS distribution, beds procured, quarantine centres & isolation wards. Where is the data for that?" he asked in a series of tweets. 

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News Network
June 20,2020

Bengaluru, Jun 20: The Karnataka Health Department has issued guidelines on the admission of COVID-19 patients in private hospitals after clinical assessment, mandating that the district surveillance officer (DSO) should be first informed to initiate further procedures, an official said on Friday.

"A health team sent by the DSO should visit the home or hospital where the patient is staying. The team should conduct a rapid assessment of his or her health condition," said Karnataka's Additional Chief Secretary Jawaid Akhtar.

In the rapid health condition assessment, the team should first check the patient's body temperature, followed by SpO2 (oxygen saturation) level and confirm if there are any comorbidities such as hypertension, diabetes, tuberculosis, HIV, cancer, stroke etc.

Depending on the health condition of patients, Akhtar said, two categories have been made.

"Those who have body temperature greater than 37.5 degrees Celsius, SpO2 level below 94 percent, elderly (above 60 years) and suffering from known comorbid conditions should be taken to a dedicated Covid hospital (DCH)," he said.

"All other patients, even if older but not suffering from co-morbidities, those below 60 and suffering from co-morbidities and asymptomatic cases should be taken to a dedicated Covid health centre (DCHC) or a private hospital as opted by the patient," he added.

Private hospitals have been asked to pitch in due to the rising number of cases in Karnataka. Currently, there are 2943 active cases in the state after 337 cases were reported on Friday.

"The patients are assessed clinically and evaluated at DCHCs or private hospitals with appropriate diagnostic tests. After evaluation, if the patients are asymptomatic, they are shifted to a COVID Care Centre (CCC) for further management," said Akhtar.

CCCs are expected to be equipped with ventilated rooms, pulse oximeters, handheld thermal scanners and blood pressure apparatus.

A nurse has to be present round the clock for every 50 patients and should visit each patient twice a day for assessment whereas the medical officer has to visit the CCC once a day. He should also be available on call in case of an emergency.

Staff serving food and others should wear personal protective equipment and an N-95 mask. Explaining the procedures at DCHCs, Akhtar said general examinations for medical conditions like body temperature, BP, pulse, oxygen saturation and urine output should be in place.

Investigations such as complete blood count, fasting blood sugar, random blood sugar, liver function tests, renal function tests, ECG and chest X-ray facilities should be available.

"DCHCs should ensure that above examinations are over in an orderly timeline of 24 hours and depending on the examination, the patient is continued to be lodged at the DCHC or sent to DCH or CCC," said the senior officer.

Likewise, the discharge policy should be done as per the protocols issued by the Health Department from time to time.

The Karnataka government is yet to fix an upper limit on the cost of treating COVID-19 patients in private hospitals. While reports indicated that this could be capped at Rs 5200 per day, health officials are yet to specify this is the case. Private hospitals in the state have asked the government to take a collaborative approach in deciding the fixed cap on treatment cost.

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