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TMI Blog2015 (3) TMI 777X X X X Extracts X X X X X X X X Extracts X X X X ..... esent case and not Circular No. 50/2005 because the latter circular pertains to auctions by the custodians and the former circular applies to auctions by the customs directly. The present case is one of an auction by the customs and not by any of the custodians. - The petitioner, having lost out in the fifth auction, cannot be permitted, after it has participated in the same, to challenge the said fifth auction. We are also informed that the highest bid obtained in the fifth auction is about ₹ 80 lacs more than what the petitioner had offered in the fourth auction - No merit in petition - Decided against Petitioner. - W.P.(C) 2150/2015 - - - Dated:- 4-3-2015 - Badar Durrez Ahmed And sanjeev Sachdeva JJ. For the Petitioner : Ms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , description of goods, weight, name of the consignee/consignor, etc. A notice shall simultaneously be issued by the custodian to the consignee at his known address and also displayed on the custodian s notice board stating that if the goods are not cleared within 15 days they be sold by the custodian under Section 48 of the Customs Act, 1962. xxxx xxxx xxxx xxxx xxxx (vi) The disposal of the goods shall be made by public auction/ E-auction/tender. The date of the public auction/ E-auction/tender should be adequately publicized in advance through national newspapers (both in English and Hindi), departmental website as well as in at least one newspaper in the local language. The values assessed by the approved valuers appointed by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of such goods has been provided. Though the sale has to be done by an E-auction, there is no reserve price as such which is fixed. On the other hand, a Joint Pricing Committee is constituted to determine the fair price of goods and there is a procedure prescribed for disposal of the goods based on the said fair price. Clauses 3.10 to 3.12 are relevant and they are reproduced herein below:- 3.10 The highest bid in the auction-cum-tender shall be accepted by the JPC if the bid is more than, or equal to or close (not less than the Fair Price by 5% to 10%) to the Fair Price. Otherwise, the goods shall be put up for auction-cum-tender the second time. In the event of the goods not being sold in the first two auction-cum-tenders, the goods sh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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