1. Liquor baron Vijay Mallya’s Goa Villa to be auctioned by banks today; no bids received so far

Liquor baron Vijay Mallya’s Goa Villa to be auctioned by banks today; no bids received so far

Kingfisher Villa was owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to Kingfisher Airlines.

By: | Updated: October 19, 2016 1:25 PM
vijay mallya Mallya, who left the country on March 2 and is now in UK, has been declared a proclaimed offender by a special PMLA court in Mumbai on a plea by Enforcement Directorate in connection with its money laundering probe against him in the alleged bank loan default case.

Beleaguered liquor baron Vijay Mallya’s Goa villa will be auctioned today by State Bank of India-led consortium. The reserve price for the property has been set at Rs 85.29 crore. Kingfisher Villa was owned by United Breweries Holdings (UBHL), was mortgaged as collateral for loans to Kingfisher Airlines.While Mallya allegedly absconded the country, the Villa was opened for inspection to interested bidders on September 26-27 and October 5-6.

According  to sources, no bids have been received in the auction so far, while SBI still maintains the property value at Rs 85.29 crore.

Earlier in March, a consortium led by the State Bank of India had auctioned Mallya’s Kingfisher House in Mumbai in a bid to recover part of the Rs 6,963 crore debt due from the Kingfisher Airlines. The e-auction was being conducted by the SBI Cap Trustee Co Ltd, which is an arm of SBI Caps, the merchant banking arm of State Bank of India. The reserve price for the property had been fixed at Rs 150 crore.

Kingfisher Airlines owes over Rs 9,000 crore to SBI-led consortium of 17 banks. Mallya, who left the country on March 2 and is now in UK, has been declared a proclaimed offender by a special PMLA court in Mumbai on a plea by Enforcement Directorate in connection with its money laundering probe against him in the alleged bank loan default case.

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