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No takers for Mallya’s luxury jet in third round of auctions

By Newsd
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Unable to get the right price in the recently-held third auction of luxury personal jet of the businessman Vijay Mallya, the Service Tax Department is now planning to go for yet another round in the next couple of months, a senior department official said.

The Service Tax Department is looking to recover Rs 535 crore of dues from Mallya. Previously, the department had unsuccessfully conducted two such auctions in June and August, reported PTI.

There was a bid price offered by the US-based firm AMS but it was much lower than that of the reserve price fixed by the department. The reserve price was lowered this time around to try and woo buyers.

“The bid price offered by the single bidder AMS for Mallya’s plane in the auction which was conducted by MSTC on behalf of the department on November 28-29 was at USD 2.6 million (Rs 18 crore) which was much less than the reserve price at USD 12.5 million,” a senior official of the department told PTI.

“Hence, the department is planning to go for yet another round of auction within the next couple of months,” he added. The joint pricing committee of the department had lowered the reserve price of the plane to USD 12.5 million this time from the earlier reserve price at USD 22.5 million.

The e-auction was carried out by MSTC after the department had roped in a professional valuer for revaluation of the aircraft following a recent Bombay High Court order to do so at a reduced reserve price.


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