Vijay Mallya has constantly been grabbing headlines for the amount of assets confiscated in connection with the defunct Kingfisher Airlines money laundering case.
Beleaguered businessman Vijay Mallya has a tendency for getting into into news, whether willingly or unwillingly, and whether for right or wrong reasons. Today, the former liquor baron is in news for being arrested, yet again, in London in a money laundering case being pursued by India. Albeit, just like earlier, he has got a bail as well, TV news reports said. Vijay Mallya was first arrested and granted a bail in London in April this year, following an extradition request by India. While the details of Vijay Mallya’s second arrest in London emerge and developments proceed, we take a look at the assets that the government has seized from the “willful defaulter” of outstanding loans worth Rs 9,000 crore.
Vijay Mallya grabbed eyeballs after the Enforcement Directorate (ED) initiated the process of confiscating the assets of Vijay Mallya, which were attached by the agency under the Prevention of Money Laundering Act (PMLA). Acoording to PTI reports, the confiscated assets of the flamboyant Vijay Mallya total nearly Rs 9,600 crores as at the end of June 2017.
The assets of the flamboyant Vijay Mallya include a farm house in Mandwa in Alibaugh worth Rs 25 crore, multiple flats in Kingfisher tower in Bengaluru worth Rs 565 crore, fixed deposits with a private bank to the tune of Rs 10 crore and shares of USL, United Breweries Limited and Mcdowell Holding company, jointly held by the liquor baron and UBHL and his controlled entities, worth Rs 3,635 crore.
These assets were attached by the Enforcement Directorate, however, some of these assets remained unsold, as even the famed Kingfisher House, the property located in the plush Vile Parle area in Mumbai failed to attract buyers in March this year. Despite a lucrative opportunity as evidenced by a total plot size of 2,400 sq mt out of which only 400 sq mts is the constructed area, leaving 2000 square mt for development, the auction failed to attract bidders for the fifth time. This is despite the fact that the 17-lender consortium led by State Bank of India (SBI) had lowered the reserve price of the property by 10% to Rs 93.50 crore from Rs 103.50 crore in the previous auction held in March. Before that, in December auction, the reserve price was set at Rs 115 crore.
A Kingfisher villa in Goa sold for a meagre Rs 73 crore as against a reserve price of Rs 85.29 crore in April this year. According to media reports, Sachin Joshi’s Viiking Media & Entertainment has purchased the property.
Vijay Mallya has constantly been grabbing headlines for the amount of assets confiscated in connection with the defunct Kingfisher Airlines money laundering case. According to PTI reports, the Enforcement Directorate had attached assets worth over Rs 9,600 crore at the end of June 2017. In fresh trouble for the erstwhile ‘king of good times,’ Stock Holding Corporation of India Ltd (SHCIL) has transferred the title and rights of shares worth Rs 100 crore of United Breweries Ltd (UBL), held directly and indirectly by Mallya, to the central government.
Kingfisher owes over Rs 9,000 crore to 17 lenders, including the SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank, UCO Bank, Corporation Bank, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, and Axis Bank, among others.