Monday, 25th March, 2019

Snippets

Beer drinkers request lenders to auction Kingfisher beer at reduced rates to recover their loans

17, Mar 2016 By Sandeep Kadian

Mumbai: Beer Evam Whiskey Drinkers Association (BEWDA) has requested SBI and other PSU banks to take possession of the entire Kingfisher beer stock in the country and auction it to recover the amount payable by Vijay Mallya.

Kingfisher beer
Kingfisher Beer, coming soon to an auction near you

A senior panel of respectable BEWDA members met SBI officials earlier today in Mumbai and passed on their petition to them. SBI Cap Trustee Co Ltd is currently auctioning the Kingfisher house in Mumbai to recover some of the amount owed by Mr. Mallya.

Vijay Mallya, who may or may not be absconding, is currently in England and he owes 17 Indian banks close to 9,000 Crores. As the probability of Mallya paying back the loan is less than the probability of Mallya paying salaries of Kingfisher Airlines employees, banks have started auctions to recover some of the amount.

Speaking to the press after submitting the petition, a senior bewda Rahul Rastogi said, “We are very hopeful that SBI will consider our fantastic proposal. They can take possession of the entire Kingfisher stock like they took possession of this Kingfisher house and then auction it after fixing a reasonable base price. Banks will get money, we will get cheap beer and Mallya will be free of his loan burden. This is not just win-win; this is win-win-win situation here.”

Another bewda present at the scene, Mukul Gupta said, “We have given SBI a couple of options. One, they can auction the bottles individually but that may create logistics issues. Second, they can gather all the beer at one place and supply it to our homes through the water pipes and bill it on per liter basis, after giving subsidy of course. I always dreamed of turning on the tap and getting beer. Though we are not very particular, whatever suits SBI best.”

While SBI officials have neither confirmed nor denied whether they can confiscate entire Kingfisher beer stock, BEWDA members have already started celebrating by opening Kingfisher beer bottles.