Lenders to auction 8 Kingfisher cars on August 25
However, the auction, if successful, will only help the lenders recover about 14 lakh from the over Rs 9,000 crore Mallya owes the banks.
Eight cars belonging to Vijay Mallya's Kingfisher, will go on the block on August 25, in a bid to recover a puny part of the nearly Rs 9,000 crore he owes the banks, media reports said.
SBICAP Trustee, an investment banking arm of the State Bank of India, will auction these cars. The reserve price has been set at Rs 14 lakh.
To participate, bidders will need to deposit 10% of the price quoted for each vehicle, a Mid-day article said. The last day to register is August 23 and registration charges are 2,000, it added. Interested parties can go and check out the cars, currently parked in the Kingfisher House backyard, can do so on July 29 and August 5, when they will be up for inspection.
The auction will be held by SBICAP Trustee Company along with the Income Tax department and the Service Tax department.
According to the Mid-Day report, these are the cars that will go under the hammer
Toyota Innova, Toyota Corolla, Honda City ZX, honda City EXI, Honda Civic, Hyundai Elantra, Honda City EXI, Hyundai Zip Drive.
Previously, Kingfisher's lenders have tried to sell the Kingfisher House, and all the company's taglines and logos, but in vain, as no takers turned up.