SBI again seeks to flog Kingfisher trademarks, lowers price
25 Jul 2016
The once-famous 'Fly the Good Times' tagline, Flying Models, Funliner, Fly Kingfisher and five other trademarks that defined Vijay Mallya's failed Kingfisher Airlines are up for grabs for the second time, this time at a lower rate. Earlier in April, the bank had quoted a price of Rs366.70 crore for the nine trademarks. Now the rate has been lowered to Rs330 crore.
After the failure of State Bank of India to auction Kingfisher House, this will be the second asset belonging to Mallya, for which the bank has lowered the price.
The auction for trademarks will be held on 25 August.
As of 31 January 2014, Mallya's Kingfisher Airlines owed banks a staggering Rs 6,963 crore. This is why SBICAP Trustee Company Limited plans to carry the sale of trademarks through an online auction. It will be held between 11.30 am to 12.30 pm. Bids will be accepted till August 23, 5 pm. The reserve price is Rs330 crore, with an earnest money deposit of Rs33 crore.
Brand guru Alyque Padamsee feels the trademarks are overpriced. "Why not sell everything together? It's like buying the goose that won't lay golden eggs. The standalone logo means little when not attached to the airline. Mallya lived up to his promises when it was in air. So whoever buys it will have to live up to the status. My advice is don't," he told Mid-day.