Grant Thornton India stands by its Kingfisher Airlines brand evaluation

Mumbai: A day after Mint reported that the Serious Fraud Investigation Office (SFIO) has sent a notice to Grant Thornton LLP India on its brand valuation of Kingfisher Airlines, the audit and tax firm said that it stands by the evaluation done by it.

“We fully stand by our brand valuation report which we believe was appropriate in the context of when it was done and the purpose for which it was done. Grant Thornton will obviously be pleased to offer all the information we have in connection with the matter to the appropriate authorities, and support any investigations.” said a Grant Thornton spokesperson in an email to Mint.

SFIO, which comes under the purview of the ministry of corporate affairs, is looking closely at the ₹ 4,100 crore valuation attached by Grant Thornton to the Kingfisher Airlines brand in 2011. That valuation in hand, Kingfisher Airlines made its eponymous brand the single largest collateral for its loans.

The defunct airline owes ₹ 9,091 crore to banks.