Friday, July 6, 2012

Kingfisher crisis: Vijay Mallya's Goa Villa to be Sold?

The Kingfisher Airlines crisis deepened as the bankers have decided to sell the cash-strapped airline's non-core assets and a property belonging to the liquor baron Vijay Mallya. 

The assets include Kingfisher House in Mumbai and a villa in Goa. It is a huge blow to the airlines, which has been struggling to get recovered from the loss. 

The decision to sell the assets was taken after a group of banks including State Bank of India (SBI) reviewed the airline's financial position. 

Sources said that the bank will be able to recover around Rs 135 crore from the property sale of Kingfisher.

The airline has been given 15 days to come up with measures to improve its financial position. However, Kingfisher denied the reports claiming it as false. 

The Kingfisher in a statement said that the report is false and the banks have started recovery proceedings after a meeting on Thursday.

1 comment:

  1. Mr. Mallya and all the banks which lent him the money should be penalized severely. The money lent by the banks belongs to the public and the banks should explain why a crook was lent such huge amounts.