SBI Cap Trustee Company Limited, the wholly owned subsidiary of SBI Capital Markets Limited, has confiscated Vijay Mallya's defunct carrier Kingfisher Airline's office property in Mumbai. The investment banking subsidiary of SBI Capital, took possession of the property after Vijay Mallya failed to repay the debt to the value of Rs 6027.42 crore.
The company had issued a demand notice to the airline and its directors, on May 3, 2013 under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
"... Calling upon the borrowers, Kingfisher Airlines Limited...and the guarantors-- United Breweries (Holdings) Limited (UBHL) having registered office at UB Towers and Vijay Mallya residing in UB Towers to repay the amount mentioned in the notice being Rs 6,027.42 crores and interest thereon with 60 days from the day of notice," stated the notice issued on February 24, 2015.
02/03/15 Purba Das/Business Insider
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The company had issued a demand notice to the airline and its directors, on May 3, 2013 under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
"... Calling upon the borrowers, Kingfisher Airlines Limited...and the guarantors-- United Breweries (Holdings) Limited (UBHL) having registered office at UB Towers and Vijay Mallya residing in UB Towers to repay the amount mentioned in the notice being Rs 6,027.42 crores and interest thereon with 60 days from the day of notice," stated the notice issued on February 24, 2015.
02/03/15 Purba Das/Business Insider
