LAST DATE OF SUBMISSION OF EMD : UPTO 12 PM ON THE DAY OF AUCTION

PAYMENT OF EMD : BY DEMAND DRAFT ONLY

DATE AND TIME OF E-AUCTION : As specified in e-Auction Catalogue

PAYMENT OF BALANCE MATERIAL VALUE: BY DEMAND DRAFT OR RTGS only

EMD FOR LOT : As specified in e-Auction Catalogue

MINIMUM QUANTITY TO QUOTE FOR LOT : As specified in e-Auction Catalogue

Contact Details :

NOTE : Bidders should read the terms and conditions given below carefully and satisfy himself / itself before participating in the e-auction. Submitting a bid by the bidder shall be construed as his / its unconditional acceptance of the terms and conditions hereinafter appearing:

1. M/s Dharni Sampda Pvt Ltd, Mumbai who are owner/seller of Manganese Di-oxide Ore Lumps/Fines etc., is hereinafter referred to as the Seller or Principal or Dharni and MSTC Ltd, the service provider to conduct the e-auction as, MSTC.

2. Manganese Di-oxide Ore Lumps/Fines, etc. offered for sale through e-Auction is open to all consumers and non-consumers.

3. Only those buyers who shall register themselves with MSTC as per specified guidelines for registration, displayed on MSTC website www.mstcecommerce.com and have deposited EMD as per terms given herein below and have agreed to abide by the terms and conditions governing the e-auction, shall be eligible to participate

4. Items offered in this auction are to be sold on Ex-stock basis at Speedways godown, Haldia. Quantity, grade/size of the items are to be sold through e-auction, will be notified in the form of auction catalogue on MSTCs website www.mstcecommerce.com at least 7 days before the date of auction. Any Registered bidder can participate in the eauction after submission of EMD. The bidder has to bid for entire Qty (564.500 MT)which is mentioned in the Lot description of Auction Catlogue.

5. Quality and Inspection:

Since this auction is meant for sale of imported manganese, quantity, quality, grade/size and other specifications as shown in the Load port test certificate by Intertek shall be final and conclusively binding upon the bidders. Copy of the load port test certificate shall be made available on the website www.mstcecommerce.com for information of the prospective buyer.

The cargo is offered on Ex-stock basis and AS IS WHERE IS BASIS, The buyer may inspect material at Speedways godown Haldia during the period as mentioned in the auction catalogue. Interested bidders may collect samples for testing and ascertaining quality of the material and satisfy themselves before bidding in the eauction. Such testing shall be done by the bidders at their own cost. Once the material is sold to buyer, the seller is not liable for any claims in relation to the quality of ore by buyer.

6. EMD (Earnest Money Deposit):

(i) Prospective bidder/buyer will have to deposit non-interest bearing EMD at the rate of Rs 1000/- (Rupees One Thousand only) per MT for the quantity, the EMD amounts to INR 565000 for this lot.

(ii) Earnest money has to be deposited by way of Demand Draft in favour of MSTC Limited-EMD Iron Ore. payable at Kolkata drawn on any scheduled bank

(iii) Earnest money has to be deposited at MSTCs KOLKATA office at 225 F, 2nd FLOOR, A J C BOSE ROAD, KOLKATA 700020. Or at the offices of MSTC Limited (Address details of which are available in the website at www.mstcindia.co.in )

7. EMD will be accepted till 12 NOON on the last date of submission of EMD as may be indicated in the Auction catalogue. Bidders sending EMD by post/courier, may do so at their own risk. MSTC/Seller will not be responsible for any postal delay or loss and will not accept any claim on that account.

8. Forfeiture of EMD:

The EMD submitted by the successful bidder will be liable for forfeiture, If after the auction, successful bidder fails to make full payment towards material value and Sales tax or VAT at actuals within the stipulated time,

9. Adjustment/Refund of EMD:

(i) The EMD of the unsuccessful bidders will be refunded by MSTC. No interest shall be payable on such EMD for any reason whatsoever.

(ii) The EMD of the successful bidders received by MSTC/Seller will be adjusted with the material sale value. i.e. the successful bidders will deposit the balance sale value. So, there will be no refund of EMD by MSTC/Seller after completion of delivery. EMD of successful bidder will be adjusted with sale value and on receipt of full sale value including sales tax or VAT at actual, then buyer can take the delivery of material

10. FLOOR PRICE: Seller will fix floor price for material for lot being offered under auction. The floor price will be in terms of Rupees per MT for base price only. Other charges/statutory levies, taxes (if any) etc., will be chargeable extra on actual basis and will not be part of either floor price or bid price.

11. BIDDING PROCESS:

(i) Bidders have to bid for base price only.

(ii) Bidders have to bid for complete quantity as mentioned in the Description of the Material.

(iii) Auction period will normally be 1.00 PM to 03.00 PM (flexible) subject to automatic extension. If any valid bid is received during the last 05 minutes before closing time, closing time will automatically extend up to last bid time plus 05 minutes, thus giving enough opportunity to others to revise their bids on that item. While during normal auction hours, bidders can increase their bid by at least Rs.100/- (one hundred)/MT or its multiple, during extension time of auction bid has to be increased by at least Rs. 200/- (two hundred)/MT or its multiple.

12. METHODOLOGY FOR ALLOCATION OF QUANTITY: Allocation of quantity will be carried out by the e-auction software in descending order of the bid price on the following basis: a) First preference is given to highest bid price. b) In case two or more parties bid for same price, then preference is given to the party that place the bid earlier. c) Successful Bidder will be allotted the Lot for which he was bidding and such allotment will be binding on the bidder.

13. INTIMATION OF AUCTION RESULTS: After the close of the bidding, each successful bidder will be intimated through e-mail by MSTC. However, it will be the responsibility of bidder to personally see and download the result displayed on website immediately after close of e-auction.

14. PAYMENT SCHEDULE: The balance payment (after adjustment of EMD) will have to be deposited by the buyer within Five days from the date of closure of auction by way of DD/PO in favour of "Dharni Sampda Pvt. Limited" drawn on any Scheduled Bank and payable at Mumbai. The material value plus sales tax or VAT at actual (qty as mentioned in the auction catalogue) can also be deposited by RTGS. The bank details for the purpose ia provided hereunder:

 

Beneficiary Name: DHARNI SAMPDA PVT. LTD.
Bank Name :STATE BANK OF INDIA
Account No. : 30183032111
IFSC Code : SBIN0001593
Branch : BACKBAY RECLAMATION, PB NO. 11042,FREE PRESS JOURNAL
ROAD, RAHEJA CHAMBERS, NARIMAN POINT, MUMBAI- 400 021

Or

Beneficiary Name: DHARNI SAMPDA PVT. LTD.
Bank Name :ICICI BANK
Account No. : 039351000055
IFSC Code : ICIC0000393
Branch : Backbay Reclamation, Churchgate, Mumbai.

Please note that for making payment the quantity as mentioned in E-auction will be taken as final.

15. DELIVERY: On receipt of full payment, the Seller shall handover delivery order to the buyer within three days from the date of realization of sale proceeds. The lifting of the entire materials shall have to be completed within three working days from the date of receipt of the Delivery Order by the buyer and this period shall be known as Free Delivery Period. After the Free Delivery Period, the  buyer will have to bear the storage charges at the Speedways godown and the balance unlifted material, if any, shall be delivered after payment of applicable godown charges. At the time of lifting the material from the speedways godown, the weigh slip so generated shall be the basis on which the Qty to be invoiced shall be ascertained. In case less quantity is delivered than as specified in auction catalogue, the seller shall refund the excess amount so collected within 3 working days after completion of lifting of material. No interest shall be payable on such refund. In case excess quantity is delivered compared to the quantity mentioned in the auction catalogue, the buyer shall have to pay for the differential amount before lifting.

16 SALES TAX:

Sales Tax or VAT will be charged at actual. VAT is 4%  & CST is 3% without form C.

17 VALIDITY PERIOD:

The bids given in the auction shall remain valid for at least seven days from the date of auction.

18 FORCE MAJEURE:

MSTC/Seller will not be liable for any failure or delay in performance due to any cause beyond their control including but not limited to Fires, Floods, Strikes, Go-Slow, Lock-outs, closure, Pestilence, Dispute, Epidemics, Political upheavals, Government action, Civil commotion, Breakdown of machinery, shortage of labour, Acts of God etc. It will be the sole discretion of MSTC to extend time of performance after cause of delay will have cease to exist. The provisions aforesaid shall not be limited or abrogated by any other terms of contract whether printed or written.

19 GENERAL:

(i) The decision of MSTC management in matters related to this e-Auction shall be final and binding on buyers/bidders.

(ii) All matters related to e-Auction will be subject to exclusive jurisdiction of competent Civil Court at Kolkata only to the exclusion of any other court having concurrent jurisdiction.

(iii) MSTC reserves the right to modify or amend any of the terms & conditions. Any interpretation of any clause will be subject to clarification by MSTC which will be deemed as firm and final.

(iv) It is in the interest of buyers/bidders to keep their e-mail account valid all the time and keep their e-mail password secret, failing which they will be liable for non compliance of payment terms due to non-receipt of e-mails from MSTC.

(v) Registration of customers with MSTC is a continuous process. Nevertheless prospective bidders registering themselves 3 days prior to date of auction and submitting EMD within the stipulated time, shall be assured of their eligibility to participate in the said e-Auction.

(vi) In addition to these Special Terms and Conditions, the Buyer Specific Terms and Conditions (BST) and General Terms and Conditions (GTC) will also form integral part of the e-auction.

(vii) Bidders must be extremely careful to avoid any wrong bidding (whether typographical or otherwise) and they must check and rectify their bid (if required) before submitting their Bid into the live e-auction floor by clicking the Bid button. In case of any bid being equal to or more than 5(five) times the current Highest Bid for a particular Lot, this will be displayed by way of a warning on the Bidders screen before he confirms/submits the bid. There is no provision for putting Bids in decimals. The Bidder shall be solely responsible for all consequences arising out of the bid submitted by him (including any wrongful bidding by him) and no complaint / representation will be entertained by MSTC/Principal in this regard.

(viii) The Auction List and these Special Terms and Conditions (STC) being displayed in the Auction Notification under View Forthcoming Auctions on MSTCs e-Auction Website or being displayed in MSTCs Corporate Website (www.mstcindia.co.in) are tentative and subject to last moment changes at MSTCs sole discretion till the start of e-Auction. Only the Auction List and Special Terms and Conditions displayed on the Auction Floor under View Live Auctions (and not under View Forthcoming Auctions) on start of e-Auction together with the Buyer Specific Terms and Conditions and the General Terms and Conditions will be final and will form the basis of this e-Auction and no representation / complaint in this regard will be entertained by MSTC / Principal from the Bidders. In case, however, there appears any conflict as to a provision contained in the Buyer Specific Terms and Conditions and/or the General Terms and Conditions read with these Special Terms and Conditions, the provisions contained in these Special Terms and Conditions shall prevail and have over-riding effects.

(ix) During Live Auction and before Bidding, it will be the responsibility of the Bidders to see the hyperlinked Item Details by clicking on the respective Lot Name and no representation / complaint in this regard will be entertained by MSTC from the Bidders.

(x) MSTC/Seller reserves the right to cancel any auction or sale thereof at any stage without assigning any reason thereof and MSTC/Seller shall not pay any compensation to anybody for such cancellation.