Page 5 - Auction

JCI plans e-auction jute trading platform to modernise supply chain

Jute Corporation of India (JCI) on Friday said it was working on an e-auction platform in jute trading to modernise the supply chain of the environment-friendly fibre. The Corporation said it was geared up for MSP (minimum support price) operation for the upcoming jute season beginning July 1, with its extensive network spread over eight states. JCI Chairman and Managing Director Ajay Kr Jolly said they are working on the finer details and ironing out the complexities involved in the e-auction system. The platform is expected to be owned and managed by JCI. Jolly said the Corporation has 110 purchase centres operated by it and will engage about 500 extended purchase centres in association with cooperatives and NGOs in eight states. This year, the MSP for reference grade of TD3 has been raised by Rs 300 to Rs 5,050 per quintal in the 2023-24 season. In the 2022-23 jute season, the corporation has already procured 5.6 lakh quintals, which is the highest in the last five years, Joll

'Smaller than a grain of salt': LV's miniscule handbag sold for $63,000

Louis Vuitton: The bag was auctioned off for $63,750 as part of the Just Phriends sale, which took place from June 19 to June 27 at Pharrell Williams' auction house, Joopiter

Technical bids for 7th coal block auction to open on Wednesday: Ministry

Technical bids coming for the seventh round of commercial coal block auctions will be opened on June 28, an official statement said on Monday. "As part of the auction process, Technical Bids comprising of online and offline bid documents will be opened on June 28, 2023, 10:00 am onwards at New Delhi, in the presence of the bidders," the Ministry of Coal said in a statement. The last date for submission of online technical bids for all the coal mines is 1200 hours on June 27, 2023, and offline submission is 1600 hours on June 27, 2023, it said. On March 29, the government on Wednesday launched the seventh round of commercial coal auctions in a bid to increase the availability of dry fuel in the country. A total of 103 coal mines were put on the block in the latest round of auctions. Of the total mines offered, the majority of blocks are partially explored. The government amended the mineral laws to open up the coal sector to provide a level-playing field to the public and private .

Team, player auction dates for Grand Prix Badminton League announced

The auction for the second season of Grand Prix Badminton League (GPBL) will be held on June 10 and will feature bids for 10 teams including from Delhi, Mumbai, Chennai and Bengaluru. The league has unveiled its team and player auction plans. The event will see players from across 25 countries participating in it. Speaking about the upcoming season, Prashanth Reddy, league commissioner said: "With the objective of expanding the league's reach, GPBL Season 2 will feature a total of 10 teams as against eight in the first season. With the overwhelming response from players and the addition of two new teams, we are confident of yet another successful season." The auction will feature bids for the Bengaluru, Chennai, Hyderabad, Kerala, Mumbai, Pune, Ahmedabad, Delhi, Lucknow and Odisha teams. "The league aims to provide a platform for both domestic and international talent to not only showcase their skills but give them an opportunity to earn substantial money to fund their training and

CPWD opens bids for Parliament's electrical installations' maintenance

With the new Parliament building nearing completion, the CPWD has invited bids for deployment of "skilled and unskilled staff" for maintenance of electrical instruments installed at the existing building for 12 months at an estimated cost of around Rs 1.29 crore. An official said that the successful bidder will have to ensure maintenance of all internal and external electrical installations inside and outside the existing Parliament House by deputing highly skilled, skilled and unskilled staff. According to the CPWD document, the last date to submit the bid is May 16 and it will be opened the same day. The estimated cost of the proposed work is Rs 1,29,95,688. "All the equipments and installations shall be maintained in neat and clean condition. The watch and ward of installation shall be the responsibility of the contractor," the agency said in the bid document, accessed by PTI. The new Parliament building is being constructed under the government's ambitious Central Vista ...

Govt may soon invite financial bids for selling 26% in defence PSU BEML

The government may soon invite financial bids for strategic sale of defence PSU BEML after its non-core business got listed on the bourses last month. In January 2021, the government invited preliminary bids for selling 26 per cent stake in BEML along with the management control. It received multiple expressions of interest (EoIs) for the sale. Following that, in October last year, BEML demerged its non-core businesses into BEML Land Assets and listed the new company on the bourses on April 19, 2023. The listing of land and other non-core assets is complete. Now we will soon invite financial bids for the core assets, which is construction and defence related, an official told PTI. BEML is a diversified company supplying product, services and support to defence & aerospace, mining & construction, and rail & metro for clients within and outside India. The government currently holds 54.03 per cent stake in BEML, which is a public sector undertaking under the defence ...

Reliance Cap lenders to meet on Friday to take call on Hinduja Group bid

Lenders of debt ridden Reliance Capital (RCap) will meet on Friday to take a call on Hinduja Group firm's bid to acquire the financial services firm. IndusInd International Holdings Ltd (IIHL), a Hinduja Group firm, emerged as the highest bidder with an offer of Rs 9,650 crore in the second round of bidding concluded on Wednesday. IIHL is slated to make a presentation to the lenders on its resolution plan on Friday, sources said. IIHL was the sole bidder in the second round of auction of Reliance Capital, as Torrent Investments and Oaktree decided not to participate in the auction. In addition to the Rs 9,650 crore bid, the IIHL has also offered Rs 300 crore capital infusion into Reliance General Insurance, and another Rs 50 crore for the items excluded under section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC). This takes the total value of IIHL's bid to Rs 10,000 crore and it has expressed intent to pay entire bid amount upfront. The total value of IIHL's bid is around

Trials for Coal India's in-house e-auction platform to begin in May

Trials for Coal India's in-house e-auction platform will begin in May, a senior official said on Thursday. At present, the e-auctions are conducted through external agencies such as MSTC Ltd and mjunction Ltd. Within the next three-four months, all e-auctions of the state-owned Coal India will move to the in-house platform, which has been developed by the National Informatics Centre (NIC) with the assistance of Central Mine Planning & Design Institute, the official said. "We expect to begin trials of the in-house platform in the first or second week of May with the e-auction of coal from Central Coalfields Ltd. The next one will be Bharat Coking Coal Ltd (BCCL) in the second phase of the trials," a senior Coal India official said. The total coal sold via e-auction per year is around 100 million tonne or about 15 per cent of the production, while the rest is sold through linkages. Coal India fetches a significantly higher price on the coal sold through e-auction, he said. In ...

Hinduja lone bidder for RCap in second auction, offers Rs 9,650 cr

Upfront payment proposed; Torrent, Oaktree skip

Singer Freddie Mercury's never-seen possessions to be auctioned in UK

A collection of never-before-seen personal possessions from the London home of Freddie Mercury, the British singer-songwriter of Indian Parsi descent, will go on a world tour-cum-exhibition followed by six auctions, Sotheby's auction house announced in London on Wednesday. Mercury, who was born Farrokh Bulsara and spent his childhood in India, where he went to boarding school at Panchgani, lived much of his adult life at Garden Lodge in Kensington, west London. One of the highlight lots of the upcoming auction includes Mercury's crown a replica of the St. Edward's Crown to be worn by King Charles III in the forthcoming Coronation on May 6 which will go on display in Sotheby's New Bond Street windows in London from Wednesday. The flamboyant lead vocalist of the band Queen, who died aged 45, was an avid collector, and his cherished London home was preserved almost as it was by his closest friend and ex-girlfriend Mary Austin since his death over 30 years ago. For many years now, I

Lenders of Reliance Capital to meet on Monday to consider bidders' concerns

Ahead of the second round of auction scheduled on April 26, lenders of debt-ridden Reliance Capital (RCap) will meet on Monday to resolve concerns raised by bidders, sources said. Both the potential bidders, Torrent Investment and IndusInd International Holdings Ltd (IIHL) of Hinduja Group, have expressed multiple reservations on the proposed auction and its terms and conditions. According to sources, both the bidders have made it clear to the Committee of Creditors (CoC) that unless the issues raised by them are duly resolved to their complete satisfaction, they are unlikely to participate in the second round of auction. The COC is likely to meet again on Monday to address the concerns of bidders. Both the bidders want finality, certainty, transparency, no negotiation in value or on terms and conditions, after the second round of auction is over, they said. The two largest lenders of Reliance Capital -- Employees' Provident Fund Organisation (EPFO) and LIC are against giving any

Lenders of Reliance Capital fix Apr 26 as new date for second auction

As per the earlier schedule, it was to be held on April 11

Reliance Cap second auction postponed again; new date to be decided soon

Lenders of debt-ridden Reliance Capital (RCap) have postponed again the second auction proposed to be held on Tuesday, sources said. However, no new date has been decided yet, sources said, adding, it may be finalised in a week or two. Last week, lenders postponed the second auction to April 11. According to sources, the bidders who have confirmed their participation in the second round of auction are IndusInd International Holdings Ltd (IIHL) of Hinduja Group, Torrent Investment and Singapore-based Oaktree. The major concern of the bidders is the compliance of resolution plans with the Insolvency and Bankruptcy Code (IBC) and Request for Resolution Plan (RFRP), guidelines, as in the first round of auction, the Hinduja Group firm submitted the bid post-auction. This bidding post-auction is being contested by Torrent Investment in the Supreme Court as it was the highest bidder as per the auction. The Committee of Creditors (CoC) also has to incorporate the Supreme Court order in th

Vehicles' auction by police department will be done online: CM Khattar

Haryana Chief Minister Manohar Lal Khattar announced on Sunday said the auction of condemned and other vehicles by the police department would be done online. Addressing a "Jan Samvad" programme in Kharak Kalan village in Bhiwani, the chief minister said an order for it will be issued soon, according to an official statement issued here. During the programme, a villager requested the chief minister to initiate online auction of vehicles by the police department. The chief minister accepted the request and made the announcement. Speaking on the occasion, Khattar said that to prevent migration of people from villages to cities, all facilities that are available in cities in terms of education, health, transport, etc, would be provided in villages and colonies as well. He said the state government has approved the demand of the villagers for a community centre in the village. The chief minister announced a financial assistance of Rs 50,000 from his personal fund for medical treatment

Reliance Capital lenders to go for 2nd auction on Apr 4 to maximise return

Lenders of debt-ridden Reliance Capital (RCAP) on Monday decided to go for a second auction on April 4 in their bid to maximise recovery as part of the resolution process, sources said. According to sources, IndusInd International Holdings Ltd (IIHL) of Hinduja Group on Monday told the Committee of Creditors (CoC) it will retain the earlier bid of Rs 9,000 crore upfront cash. The 38th meeting of the CoC on March 23, 2023 was adjourned and the adjourned meeting was subsequently held today i.e. Monday, RCAP said in a regulatory filing. For a fresh round of bidding, CoC decided to set the base bid at Rs 9,500 crore on a Net Present Value basis, with a minimum cash component of Rs 8,000 crore. Earlier, the Supreme Court on March 20, 2023, admitted the appeal of Torrent Investments -- the highest bidder with Rs 8,640 crore resolution plan -- against the lenders' decision to hold another round of auction. The SC has permitted the lenders to go-ahead with further action as per the Nation

SC to hear Torrent plea against NCLAT allowing 2nd RCap auction on March 20

The second-round auction, scheduled for March 20, will not take place now, further delaying the resolution process of RCAP

Government sells 1,188,000 tonnes wheat in fifth round of auction

The sale has brought significant effect in cooling down the price of wheat and atta all over the country

Torrent moves SC against NCLAT order on auction of Reliance Capital assets

The lenders' of RCap have decided to hold the second round of e-auction, following the NCLAT order, on March 20

Reliance Capital lenders seek Rs 8k-crore upfront cash for second auction

Minimum bid amount fixed at Rs 9,500 crore

RCap resolution: NCLAT allows lenders' plea for another round of bidding

The National Company Law Appellate Tribunal (NCLAT) on Thursday allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for a higher bid. The appellate tribunal permitted the CoC to continue with the challenge mechanism and invite bids after two weeks. The NCLAT order came on a petition filed by Vistra ITCL (India), one of the lenders of Anil Ambani-promoted Reliance Capital, challenging an order of NCLT which restricted further auction of the bankrupt firm. In the Reliance Capital (RCap) matter, Torrent Investments had emerged as the highest bidder with a resolution plan of Rs 8,640 crore. However, the CoC of RCap decided to conduct a second challenge mechanism and then Hinduja Group firm Indusind International Holdings Ltd (IIHL) put a revised bid. This was ...