A group of Indian banks, seeking to recover more than $1 billion in loans from Kingfisher Airlines (KFA) has taken possession of nine trademarks related to the defunct carrier as the mystery over the
A group of Indian banks, seeking to recover more than $1 billion in loans from Kingfisher Airlines (KFA) has taken possession of nine trademarks related to the defunct carrier as the mystery over the whereabouts of its chief, Vijay Mallya, deepens.
Mr Mallya, who built his fortune with Kingfisher Beer and is a guarantor to the debt, left the country last week, a lawyer for the lenders told the Supreme Court on Wednesday. The banks have asked the SC to demand his return and to impound his passport.
The trademarks seized include the “Kingfisher” label, “Flying Models” and “Fly the Good Times”, according to a notice in newspapers by the banks’ trustee, SBICAP Trustee Co.
Harish Bijoor, a brand consultant, described the banks' move as a knee-jerk reaction and said there might not be many takers for the trademarks. “Who would ever want to run with a label called Kingfisher Airlines ” he said, adding that he does not expect the move to affect India’s best-selling beer, Kingfisher.
Kingfisher beer is made by United Breweries, which is part of Mallya's UB Group but now counts Heineken as its biggest shareholder.
Under attack from Opposition, Finance minister Arun Jaitley told parliament on Thursday that the lenders will take every possible action to recover the debt from Mallya and other defaulters.
