The
Maharashtra State Co-Op.
Cotton Growers' Marketing Federation Ltd.
(C)
INVITING BIDS:
At the time of auction, the Zonal Manager shall announce the lot with
reference to the name of the center, variety-grade, heap No., approximate
quantity etc. of cotton seed and open one sample-bag of that particular
lots, (which are received in three sealed bags from sub-zonal manager)
for inspection by parties. He shall then request the participants to offer
bids.
(D) CLOSING
OF THE BID:
Bids of each participant shall be recorded in the bid sheet (which is
duly numbered). Zonal Manager shall try to obtain maximum bid for each
lot. When he observes that no bid higher than the last received is likely
to be made, he shall close the auction for that lot either by stroke of
a hammer or by calling three indicating that there will be no further
bid for that lot, and the said lot is being sold to highest bidder-buyer.
The signatures of the highest bidder as well as other participant, who
have given the bids, will be taken on the bid sheet as soon as the bid/auction
is over for that particular lot. Once the highest bid accepted by the
Zonal Manager and the highest bidder signs the bid sheet, it confirms
the acceptance of sale of that lot to him.
The Zonal Manager shall have full authority to close the bid/auction or
to keep a lot unsold without assigning any reason. It shall not also be
binding on the Zonal Manager to confirm the sale at the highest bid, if
he has reasons to believe that price received is not reasonable or there
is a concerted efforts on the part of the participants to restrain free
competition. Once the lots remains unsold, it willnot be put up for sale
in the same auction or on the same day in any circumstances.
One sealed sample-bag out of three which are received from Sub Zonal Manager will be handed over to successful bidder and one sealed bag will be retained by Zonal Manager with him till the delivery of the lot. The outer cover of sample-bags will clearly indicate the name of Center, variety-grade, heap No., date of auction approximate quantity etc.
3. (A) ADVANCE
PAYMENT BY HIGHEST BIDDER :
The highest bidder who has confirmed the sale by signing the bid-sheet
and whose bid has been accepted by Zonal Manager, has to make an advance
payment of Rs.100/- (Rs.One hundred only) per qtl. of cotton seed sold
to him. The contract will be signed by him or his representative on behalf
of Cotton Growers' Federation, Zonal Manager/Deputy Manager or his authorised
officer has to sign the contract. The copy of contract will govern the
terms and conditions of cotton seed sale. The advance payment shall be
made in the zone office/sub zone office before 4.00 p.m. within two working
days (i.e. within 48 hours) from the date of auction. Zonal Manager/Dy.Manager
may accept the advance payment late by five days with penalty of 0.08
paise per Rs.100/- per day. In case, the last day of payment is declared
as holiday, the advance payment shall be accepted on immediate next working
day without penalty. The Zonal Manager/Dy.Manager will accept the payment
by D.D. on Nationalised Bank or Cooperative Bank or Scheduled Bank, payable
at Bombay. If the buyer fails to deposit the advance payment of previous
auction he may not be allowed to participate the coming auction.
(B) CONSEQUENCES
OF FAILURE TO PAY ADVANCE PRICE & RECOVERY OF LOSSES IF ANY :
If the highest bidder whose bid has been accepted by the Zonal Mnaager,
fails to make an advance payment and sign the contract within time limit
as in 3 (A)
above, the registration of such bidder shall, automatically stand cancelled
forthwith and his name shall be removed from register of registered buyers.
The amount of registration deposit shall stand forfeited to the Federation.
The lot in
