Vijay Mallya's 8 cars to be auctioned on August 25

Seeking to recover dues from beleaguered liquor tycoon Vijay Mallya, SBI Trustee Company, State Bank of India's investment banking division, will auction eight of his cars on August 25, Zee Business said.

The base price set for the auction by the bank is Rs 14 lakh. 

Mallya who is in a self-imposed exile in the UK, owes the banks nearly Rs 9,000 crore in dues. 

SBI Trustee said that to participate in the bidding process of the cars, the interested bidders will need to deposit 10% of the price quoted for every vehicle. The cars will be available for inspection on July 29 and August 5.

The last day for registering a bidding spot is August 23. There's a registration charge of Rs 2,000 too, a Mid-Day report said.

We had earlier reported, that the second attempt of auctioning the Kingfisher logo will take place on August 25th too.  

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On Wednesday, SBICAP dropped the reserve price of the logo by 10% from Rs 366.70 crore to Rs 330.03 crore in order to attract bidders. The first auction was held in April but there were no takers for the once famous identity. 

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Even attempts to sell the Kingfisher brand and other taglines, and even the Kingfisher House in Mumbai have failed to garner any interest from parties.