Tax dept to lower reserve price for Mallya jet auction

MUMBAI: Having failed to get good valuation in the first attempt to auction the personal luxury plane of beleaguered businessman Vijay Mallya last week, the service

MUMBAI: Having failed to get good valuation in the first attempt to auction the personal luxury plane of beleaguered businessman Vijay Mallya last week, the service tax department is gearing up for the second attempt with a lower reserve price for bidders. Sources said, however, that a final decision on valuation will be taken by the department’s joint pricing committee. On June 30, the department had rejected the sole bid of ₹1.09 crore offered by the United Arab Emirates-based aviation support firm Alna Aero Distributional Finance Holdings, against a reserve price of ₹152 crore.

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