Insight Online News
Mumbai, Aug 14 : Fugitive Indian businessman Vijay Mallya’s Kingfisher House in Mumbai was sold for Rs 52.25 crore to a Hyderabad-based realty firm.
Kingfisher House, the headquarters of the defunct Kingfisher Airlines has been sold at almost a third of the reserve price of Rs 135 crore which was set in the first auction attempt held in 2016.
The realty firm purchased the property at a fraction of the original asking price.
The 65-year-old businessman, Mallya is on bail in the UK on a “confidential” legal matter, believed to be related to an asylum application.
As many as 11 banks who were given loans to Mallya including State Bank of India (SBI), had moved special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate.
The special PMLA court in Mumbai allowed the restoration of properties worth Rs 5,646. 54 crore to banks.