TERMS AND CONDITIONS:
1. Any individual / registered legal entities / companies may participate in the e-auction
2. Properties are brought for sale on "as is where is basis"
3. Bidders should quote their price for purchase of assets excluding all statutory liabilities on the assets. Statutory dues like electricity arrears, local body taxes, etc., should be borne by the bidders. Bidders are advised to make their independent inquiry about such statutory liabilities
4. The interested person /s may physically inspect the property on 23.07.2010 between 11.00 am to 3.00 p.m and the photos of the properties may be viewed in the web site
5. The persons who are interested in participating in e-auction have to register with KSFC as a bidder through internet. Along with the registration he should forward scanned pass port size photo, signature, address proof (xerox copy of ration card) / passport / voter card/ driving licence / bank pass book / PAN Card, (any one of the above)
6. After registration the bidders shall pay the EMD amount to participate in ;the bidding process by way of DD /electronic payment. The bidders can also pay EMD amount in any KSFC branch accross the state. They can also send the money through NEFT/RTGS to current account no. 0565201000568 IFS Code CNRB00040565 Canara Bank, Nazarbad Branch, Mysore 570 010 and inform the UTR No. After receipt of EMD amount he will be allowed to participate in the bidding process by using the bid key code allotted by KSFC. The EMD amount will not carry any interest.
7. The e-auction will commence on 26.07.2010 at 10.00am and close on 3.08.2010 at 11.00am
8. After closure of e-auction, the successful bidder will be intimated through e-mail to pay 25% of the bid amount (including EMD) before closing hours of the same working day and the sale is subject to the approval of the competent authority. In case the successful bidder fails to pay the initial amount within the stipulated time, the EMD paid by him will be forefeited without further notice. In respect of unsuccessful bidder , the EMD amount will be refunded.
9. After receipt of the initial amount of 25 % as above,the confirmation of the sale will be sent after obtaining the approval of the competent authority. The balance 75% of the bid amount shall be paid within 15 days from the date of communication of confirming the sale. In case, the bidder fails to pay the balance amount within the stipulated time the amount paid by him will be forefeited and the sale will be cancelled.
10. The successful bidder will have to bear stamp duty and registration charges etc., connected with the transfer of property
11. The details of e-auction are available on the web site of KSFC i.e. www.ksfc.in or on www.reyvishbserve.com. However, bidding process will be conducted on ksfc website www.ksfc.in
12. Any disputes shall be subject to the jurisdiction of Court at Mysore
13. A fee of Rs. 50/- per bid shall be charged to the bidder as transaction charges per attempt. To illustrate , if a bidder submits his initial bid, a fee of Rs. 50/- is charged. If the same bidder improved upon his bid amount and submits yet another bid , the same shall be charged Rs. 50/- once again and likewise. At the end of each auction the number of times a bidder has submitted his bids is determined and the amount will be recovered out of the EMD
14. KSFC resersves the right to cause any modification of any terms and conditions, |
