Having failed to get a good valuation in the first attempt to auction the luxury jet of embattled businessman Vijay Mallya last month, the service tax department will re-auction it on August 18, possibly at a lower reserve price. The earlier attempt at its auction had received a bid of Rs 1.09 crore as against the then reserve price of Rs 152 crore.
The result of the e-auction, which will be conducted by the department’s auctioneer MSTC, will be out on the same day evening, a service tax department official told PTI on Thursday. The joint pricing committee, which comprises five members, including one additional commissioner of the department and officials from the Directorate General of Central Excise Intelligence, is yet to take a decision on lowering the reserve price. The committee has to decide the reserve price at least two days before auction.