[Mumbai] Bankers Again Failed To Attract Bidder For Absconding Mallya’s Brand Kingfisher,Trademarks
,Lenders today initiated an auction of various brands and trademarks of the long-grounded Kingfisher Airlines, including its once-famous tagline ‘Fly The Goodtimes’, but bidders were hard to come by.
The auction began at 11:30 am .
The reserve price for the trademark has been kept at Rs 366.70 crore, not even one-tenth of the price at which it was pledged with as a collateral for the loan.
Besides the logo, the 17 lenders led by SBI have put on sale other trademarks of the now-defunct airline such as the once-famous ‘Fly the Good Times’ tagline, Flying Models, Funliner, Fly Kingfisher and Flying Bird Device.
The brand Kingfisher was collateralised to banks for a whopping Rs 4,000 crore (by Grant Thornton) in 2010, now down to a trickle.Mallya has To Pay Loan Rs @9000+ Crores
The online auction of brand Kingfisher is being conducted by SBI Cap Trustee Company on behalf of lenders under the SARFAESI Act.
Mallya had pledged the trademarks as collateral with banks at the time of taking loans from them.
At its peak, the Kingfisher Airlines was the largest airline in the country, with a five-star rating from Skytrax, according to the airline’s annual report for 2012-13.
Last month, the consortium of banks had failed in its attempt to sell the airline’s erstwhile headquarter Kingfisher House here.
The auction failed as none of the bidders came forward due to high reserve price of Rs 150 crore. The property has a built-up area of over 17,000 sq-ft in Vile Parle near the domestic airport.
Mallya left the country on March 2 for London. Earlier this week, the government had asked Britain to deport Mallya, citing the revocation of his passport and a non-bailable warrant against him.
Tag: Vijay Mallya
Bankers Failed To Attract Bidder For Mallya’s Brand Kingfisher,Trademarks
Modi Govt Suspends Crony Capitalist Mallya’s Diplomatic Passport
[New Delhi,Mumbai]Modi Govt Suspends Crony Capitalist Mallya’s Diplomatic Passport
Vijay Mallya, whose Kingfisher Airlines has defaulted on loans of over Rs 9,400 crores, and has been defying Enforcement Directorate summons, today suffered a major blow when his passport was suspended by the government which has threatened to revoke it.
The diplomatic passport of the flamboyant 60-year-old industrialist, who has been in Britain for over a month and has refused to appear before the ED, was suspended by the External Affairs Ministry on the recommendation of the agency.
Not Even a Single Bid Registered For Absconding Kingfisher’s House
[Mumbai]Today,Not Even a Single Bid Registered For Absconding Kingfisher’s House
Kingfisher House auction ,Today,ended without a single bid
Auction of Kingfisher House, once the headquarters of Vijay Mallya’s defunct airline, proved to be a flop show today with no bids coming in, presumably due to litigation fears and a high reserve price of Rs 150 crore — dealing a blow to lenders’ efforts to recover their loans.
The auction of the property, with a built-up area of over 17,000 sq ft in Vile Parle area near domestic airport here, started at 1130 hrs and ended in about an hour with no success.
“The reserve price for Kingfisher House was set at Rs 150 crore,
As per Sources,The 17-member consortium, which had given loans to Kingfisher Airlines, will soon have a review meeting and may discuss the reserve price as well,
The online auction was held by SBICAPS Trustee, a subsidiary of SBI Caps.
The auction was conducted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002
SBI Starts E-Auction of Absconding Kingfisher Mallya’s House
[Mumbai]SBI Starts E-Auction of Kingfisher Mallya’s House
Lenders to long-grounded Kingfisher Airlines, owned by beleaguered businessman Vijay Mallya, today began auctioning the KFA headquarters – Kingfisher House – situated near the domestic airport
The property, with a built-up area of over 17,000 sq ft in Vile Parle area, is being auctioned by SBICAPS Trustee, a subsidiary of SBI Caps through an e-auction.
The auction is being conducted on e-auction property platform, AuctionTiger.
The base price for the property has been set at Rs 150 crore.
The auction is being conducted under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002.
The property was taken over in February 2015 by a consortium of 17 banks lead by State Bank of India in a bid to recover Rs 9,000 crore loan given to the airlines.Burdened under huge losses and liabilities, including to the lenders, the airline was grounded in late 2012.
While lenders have stepped up their efforts to recover dues totalling over Rs 9,000 crore, the founder and main promoter Mallya left the country earlier this month.
Recently, the Enforcement Directorate registered a money laundering case against Mallya and others based on a CBI FIR registered last year.
The agency is also investigating the overall financial structure of Kingfisher Airlines and will look into any payment of kickbacks.
Kingfisher Airlines faces a probe by the Serious Fraud Investigation Office (SFIO) into its allegedly ‘inflated’ brand valuation of over Rs 4,000 crore.
The government’s white-collar fraud detection agency is probing whether such a high valuation was arrived at fraudulently to get more funds from banks and siphon off the additional money for purposes other than proposed investment in the airline.
Akhilesh Yadav Ji Waive ILLOGICAL House Tax Of Urban Middle Class
House Tax Camp In Global City
It Is Ok Akhilesh Yadav Ji
Distribute Cycles+Allot Houses To Your Ministers+Raise Their salaries+Pension
But Don’t Let Your Managers To Torcher Urban Middle Class
So Waive House Tax+Penalty
You May Be Aware Of This That House Tax In Your UP Is Being Dealt With Sarcastically
Lakhs Of Commuters Are Willing to Pay& UP Govt Is Also Eager to Collect But Even Then Millions Of Rs Dumped In Books Of Local Authorities.Hundreds Of RWAs Are Waiting For a decisive Solution
Main Reason Of Which Is Favoured Managers Who Are As Usuals Untamed Till Date
As Per RWAs House Tax Is Being Imposed Illogically
Residents Alleges
[1]Colonies Are Not Handed Over[2]No Facility Is Provided By Nagar Nigams
[3]Water Not Provided Even Then Charges For Ganga Water Is Also Imposed
[4] Incorrect Taxed Covered Area
Ironically Instead Of Sorting Out The Mistakes
Managers Are Rubbing Salt,By Imposing Penalty+Interests
No Doubt Camps Are Organised They Come +They Discuss+But Go With a Smile Promise For Another Camp
RWAs Raises Now Million Dollars Question
When 7800 Crore Rs Can Be Flied In The Vijay Mallya’s King Fisher Then Few Lakhs Can Easily Be Waived For Which a Political Decision Is Mandatory To Start With At Least a Reassessment Team Can Be Announced
It Can Be a Boon In The Coming Elections Also
Banks Consortium Pleads SC for Restraining Mallya from Leaving India
[New Delhi]Banks Consortium Pleads SC for Restraining Mallya from Leaving India
Bank Consortium Submitted a Plea With Supreme court Against King Fisher Mallya
The Supreme Court agreed to hear tomorrow this plea of 17 PSU banks seeking a direction that industrialist Vijay Mallya be restrained from leaving India.
“List it for hearing tomorrow,” a bench comprising Chief Justice T S Thakur and Justice U U Lalit said, when Attorney General Mukul Rohatgi, appearing for PSU banks, mentioned the matter for urgent hearing.
Rohatgi said that the plea has been moved by 17 banks, including State Bank of India, against Mallya whose various firms have taken loan from them.
King Fisher Mallya “Fished” In Diageo Deal By DRT
[Bengaluru] King Fisher Mallya Fished In Diageo Deal By DRT
DRT barred Mallya from withdrawing $75mn till disposal of SBI plea
In a fresh blow to beleaguered Vijay Mallya, the Debt Recovery Tribunal today barred him from withdrawing USD 75 million exit payment from British liquor giant Diageo till the disposal of Kingfisher Airlines’ loan default case filed by SBI.
Diageo and United Spirits Ltd, owned by the UK-based firm, have also been restrained by DRT Judge Benakanahalli from temporarily disbursing the amount to Mallya, who worked out the deal under a severance package.
The tribunal ordered that the amount be attached till the disposal of the original application filed by State Bank of India in 2013.
In his order on the plea by the SBI application seeking the lenders’ first right on the USD 75-million sweetheart deal, the judge also directed disclosure of details of the agreement which they have arrived at.
Three other applications filed by SBI before the DRT will come up for hearing on March 28.
SBI, which leads the consortium of 17 banks that lent money to the grounded Kingfisher Airlines, had moved DRT here against the airline’s chairman Mallya in its bid to recover over Rs 7,800 crore of dues from him.
The state-owned top lender had filed three other applications, including one seeking Mallya’s arrest and impounding of his passport, which the judge had said on March 4 would be heard later.
Mallya had to quit recently as chairman of United Spirits a company founded by his family in which he sold majority stake to Diageo.
Under the deal, that also ended a year-long boardroom battle at United Spirits, Diageo has agreed to pay Mallya USD 75 million (Rs 515 crore).
The settlement was sealed even as at least three banks including SBI declared the defunct Kingfisher Airlines, Mallya and his group holding firm UBHL (United Breweries Holding Ltd) as ‘wilful defaulters’ to recover unpaid loans.
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