In a big disappointment for the lenders for the second time, auction of the long-grounded Kingfisher Airlines' (KFA) trademarks and logo turned out to be damp squib once again despite having a lower reserve price.
Banks also had put on the block some of the moveable assets of the company worth Rs 13.70 lakh lying at the Kingfisher House, for which, too, no bidders came forward. In their second attempt, the 17-lender consortium led by State Bank of India had put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block, to recover a part of their over Rs 9,000-crore loans from beleaguered businessman Vijay Mallya and his grounded carrier. Banks had also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the sale.
"I think the reserve price for the trademark was still found to be high by the bidders," a source said. Legal experts said the entire brand value of the Kingfisher brand has taken a beating and so bidders remained elusive. "Value of trademark of the entire group has gone down to almost nothing and nobody will like to buy it," said an expert dealing in intellectual property rights. In April, the banks had made a failed attempt to sell brands and trademarks of the airlines, owned by Mallya. The auction was unsuccessful as none of the bidders came forward due to the higher reserve price of Rs 366.70 crore.
In today's auction the reserve price was reduced by 10 per cent to Rs 330.03 crore, but still no bidders came forward.
25/08/16 PTI/DNA
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Banks also had put on the block some of the moveable assets of the company worth Rs 13.70 lakh lying at the Kingfisher House, for which, too, no bidders came forward. In their second attempt, the 17-lender consortium led by State Bank of India had put the airline's trademarks including Kingfisher logo and the once-famous tag-line 'Fly the Good Times' on the block, to recover a part of their over Rs 9,000-crore loans from beleaguered businessman Vijay Mallya and his grounded carrier. Banks had also put the Flying Models, Funliner, Fly Kingfisher and Flying Bird Device on the sale.
"I think the reserve price for the trademark was still found to be high by the bidders," a source said. Legal experts said the entire brand value of the Kingfisher brand has taken a beating and so bidders remained elusive. "Value of trademark of the entire group has gone down to almost nothing and nobody will like to buy it," said an expert dealing in intellectual property rights. In April, the banks had made a failed attempt to sell brands and trademarks of the airlines, owned by Mallya. The auction was unsuccessful as none of the bidders came forward due to the higher reserve price of Rs 366.70 crore.
In today's auction the reserve price was reduced by 10 per cent to Rs 330.03 crore, but still no bidders came forward.
25/08/16 PTI/DNA
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