Hindustan News 27/09/2016

Additional solicitor general Anil Singh on Monday informed the Bombay high court that the service tax department has not approved the sale of Kingfisher Airlines founder Vijay Mallya’s private jet because the highest bid was 81.8% below the reserve price.

Singh said it was difficult to approve such a sale and the highest bidder, SGI Commex Ltd, also informed the HC that it was withdrawing its bid placed in the auction held in August.

The HC posted the issue of a fresh auction for hearing on October 6 and also asked another stakeholder to inform it by that date if it was possible to sell the plane in the open market.

On September 19, the service tax department had sought a week’s time to try and get the Central Board of Excise and Customs (CBEC) to accept a bid of Rs 27.3 crore for Mallya’s private Airbus A319 aircraft.

Hindustan News 27/09/2016: http://epaper.livehindustan.com/