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Tax office cautions public on buying Mallya’s shares (Lead)

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Bengaluru, Oct 25 (IANS) The Income Tax Department on Thursday cautioned the public against buying over 41 lakh equity shares of fugitive liquor baron Vijay Mallya in his company that the Debt Recovery Tribunal-II has put up for sale through e-auction on October 30, an official said.

“We are cautioning the public that buying Mallya’s shares in his subsidiary company United Racing and Bloodstock Breeders Ltd (URBBL) in the e-auction will be at their own risk because they (shares) are under our charge (custody) against the outstanding demand in a tax evasion case,” I-T official N. Rathi told IANS here.

The Tribunal has put on sale 41,52,272 shares of Mallya in URBBL through e-auction on October 30 to recover the outstanding amounts a consortium of 17 banks had lent to his now defunct Kingfisher Airlines Ltd between 2008 and 2012.

“Sale or transfer of these shares will be void in terms of Section 281 of the Income Tax Act, 1961. Any person purchasing such shares will be doing at his/her own risk,” added Rathi, citing a public notice issued by the Principal Chief Commissioner of Income Tax, Karnataka and Goa circle.

The Service Tax department served a notice to Kingfisher for dues of Rs 87.5 crore, which the airline had collected from the passengers but not deposited with it.

“We have created 2 years ago a charge against the said shares on account of the outstanding demand from his airline,” added Rathi.

The flamboyant Mallya formed the unlisted company (URBBL) in 1988 to bring under a single banner his growing interest in racing and breeding horses.

In 1992, he took over the historic Kuningal Stud Farm, about 70 km northwest of Bengaluru, to breed horses for racing in top class fillies.

Mallya, 63, has been living in Britain since he left India in early March 2016 after the banks moved the Tribunal here against sale of his assets, including shares in his group firms for not paying back the loans over Rs 9,000 crore he raised from state-run and private banks to sustain his loss-making airline.

In the Tribunal’s September 19 e-auction, Delhi-based Choudhary Aviation Facilities Ltd bought Mallya’s two helicopters for Rs 8.75 crore and Rs 4.37 crore. The choppers were parked in Mumbai.

“Our company bought the two personal copters of Mally Afor Rs 8.75 crore at the price of Rs 4.37 crore each in the electronic bidding conducted by the DRT in Bengaluru,” Choudhary Aviation Director Satyendra Sehrawat told IANS from Delhi then.

The Tribunal held the e-auction on behalf of a consortium of 17 banks which filed the case in 2013 against Mallya and his defunct Kingfisher Airlines Ltd for defaulting on loans borrowed from 2007-12.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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