Scrap materials valued around Rs.7.85 crores was sold in the year 2001-02.  Almost all the scrap materials is sold through Public Auction, except for ferrous turnings & borings and gas off-cuts of plates, which are sold through Open tenders.

1.

Inspection of Material

5days prior to the date of auction on any working  day with necessary Entry Permit slip.

2.

Condition of Lots

Lots are sold on “As is where is” basis and no guarante e for size, measurement, quality,  quantity etc.  The sale is strictly on the assumption that bidders have inspected the        item.  No Claim/Complaint by the purchasers        will be entertained in this regard.

3.

Entrance Fee

(Refundable at the end of

Auction; It will be forfeited
if purchaser does not obey

Auction sale conditions)

Strictly by DD for Rs.10,000/- per head.for each firm separately, favouring “ The FA&CAO/ICF or Asst.Chief Cashier,ICF/ Chennai – 38, either of State Bank of India of any of the Nationalized Banks.  The DD is Refundable at the end of Auction.

4.

Entry Permit

On payment of Entry Fee, the entry permit will      be issued which should contain the  Name  and full address of the purchaser/firm Entry permit should be produced   whenever demanded  by ICF authorities and  while signing the bid sheet for each lot.

5.

Entry Permit for person

Persons representing more than one firm should pay separately entrance fee and should obtain entry permit for each firm. Representatives         must produce authority letter from each firm        authorizing him to bid on behalf of that firm.

6.

Bid Acceptance

Spot/subject to confirmation.  The purchaser   must pay EMD to the Railway and must               obtain receipt.  Then only acceptance of bids       will be treated as completed.

7.

Earnest Money Deposit
        BID VALUE

(By cash only)

EMD AMOUNT TO BE PAID

a) Upto Rs. 10,000                  :  Full amount

b) Above Rs. 10,000 to           :  Rs. 10,000 or 25% 1,00,000 bid value whichever is higher

c) Above Rs. 1,00,000            :  Rs. 25,000 only

to 2.5 lakhs

d) Above 2.5 lakhs                  :  10% of the bid value

8.

a)1. Payment

Ref Para 4 (3) of General Condition of sale          relating to scrap material.  Payment of           balance sale value (BSV) for the sold lots           should be made strictly as per the time               specified i.e.

Value of lot                           Period for the payment of balance          
 sale value

(BSV)

a) Upto  Rs. 3 Lakhs                                     10Calendar days  from the date of auction.

b) Above Rs. 3 lakhs                                    20 Calendar days from the date of auction.

8.b) MODE OF PAYMENT FOR EMD AND BALANCE SALE VALUE:-

The payment may be in one or more of the acceptable forms namely, deposit at call receipt/demand draft/pay order/cash.  The mode of payment other than in cash shall be either of the State Bank of India or any of the Nationalized Bank. However the date of realization will be taken as payment date.

8.c)   PAYMENT CONDITION

8.d) Extension for payment of balance sale value will be allowed at the discretion of the administration. For such delayed payments Interest will be charged at the prevailing bank lending rates +2% subject to a minimum of Rs.100/- per day .

9.  TIMELY DELIVERY: Ref: Para 7 (2) of general  conditions of sales

relating to scrap material

Delivery of sold lots should be completed within the free time allowed as under:-.

c)The purchaser must bring the original delivery order issued to them

while taking delivery for the  purpose of making entries in the same.

d) Extension of delivery period may be granted by ICF at its discretion

10.  If the sale value is not paid and the lots not removed within the free time from the date of auction of the lot, ICF reserves the right  to forfeit any EMD or sale value paid.

11.Sales Tax: As per TNGST act and as applicable by other rules, will be collected extra.

12.      Ground Rent & Forfeiture:

The goods shall be removed by the   purchaser within the free time allowed. If the goods are not so removed, they shall remain at the purchaser’s risk until so removed and the Depot Officer shall charge the purchaser ground rent on and from the date of expiry of free time at the rate of  ½ percent per day on the value of lot or portion of a lot or lots not removed from the site on which goods are stored, subject to a minimum of Rs.100/- per day.  Such ground rent or any other charges as may have to be paid by the purchaser to the government shall be recovered by the Depot Officer from him before the goods are allowed to be removed and in the event of default in payment thereof, the Railway administration at its discretion will be  entitled to order the resale of the said goods or materials and forfeit the bid money  or  the price, if any paid by the purchaser.

b)     In  the event of two or more lots being put  up at the time and sold under one bidding, it must be distinctly understood that in the event of the whole of the material not being removed by the date allowed the ground rent must be paid on each and every lot or portion of a lots described and numbered in the hand bills.

c)     20% option to be given on  higher side  for clearing the material upto the ground level.

d)       It is the responsibility of the purchaser to ensure and ascertain that no Truck/lorry without the “EMISSION TEST CERTIFICATE” issued by the road transport authorities is allowed to ply inside the factory premises for the purpose of removal of sold lots and transportation thereon as the possession of Emission Test Certificate in respect of the Lorry/Truck has been identified as one of the EMS/ISO 14001.

13. a  INCOME TAX:    Income tax  and surcharge extra on as applicable shall be collected by this organization for all sales of scrap material as per section 206C of income tax act or present rate of Income tax to be collected is 1% of the sale value and surcharge  on income tax is 10% and education cess  is 2% on IT&SC on ST.

14.  Whenever there is a difference in “General Conditions” of Sale relating to

auction sale of material  and “special  Condition” indicated above, the conditions

indicated   under “special conditions”   would prevail.

ICF RESERVES THE RIGHT TO AMEND ANY CONDITION OF AUCTION SALE WITHOUT ANY FURTHER NOTICE .ICF ALSO RESERVES THE RIGHT TO ALTER/CANCEL ANY LOT WITHOUT ASSIGNING ANY  REASONS WHATSOEVER.

REF: GENERAL CONDITION OF SALE

S.No.

Month

Auction Date

Day

1.

November

27.11.2008

Thursday