If my memory serves me right, Vijay Mallya had bid Rs.1.5 crore to make the covetable Sword of Tipu Sultan, his own.In the unfortunate even of his auctioning off the sword, to pay a portion of the monthly interest on his borrowings for floating the KingFisher Airlines, will Mukesh Ambani bid for it so that the sword remains with in India?
Hi. Interesting. It seems that you are either underestimating Mallya or unaware of his intentions. You know, he once approached a bank in New York for 5000 usd loan, and in collatoral he placed his costly car which was parked in front of the bank. The loan amount was given and the car was taken to park at bank's undrground parking lot. He then made an out of country tour. After two weeks he revisted the bank to pay of the loan. The bank charged him just 15 usd for parking of the car and an official asked why he wanted just usd 5000 against such a costly car. He replied," You know, what is the parking charge in N.Y? and even if I parked it somewhere, what guarantee there would be that the car might be there?. He thus saved around 1500 USD just by paying usd 15!. Nobody can predict his intention.
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Kingfisher is a Public Limited Company and action for the defaults on payments will be taken based on the collateral they have offered in place of the loan or guarantees given. Unless, Mallya has given a personal guarantee or pledged his own personal wealth, there would be no bank call to Mallya to auction of his personal property.
Recently, there was news that he was ready to offer his share of the 20 Apartments (each costing around 20 crores, part of the JV with Prestige Group built on his ancestral property) as collateral to raise some 800 crores to repay part of the debt owed to banks. Don't know if the deal went through and the loan has been taken.