Fair Price determination governs auction-cum-tender disposal of seized and time expired goods, with joint pricing and government valuers. Monthly disposal of seized, confiscated and time expired warehoused goods shall occur by simultaneous public auction and sealed tender. A Joint Pricing Committee in each Commissionerate will determine the Fair Price by reference to wholesale market price less a discount that reflects and exceeds the buyer's expected resale margin; Government Approved Valuers must ascertain market price and margins. No separate reserve price is to be fixed. The JPC may accept the highest bid if it meets or is close to the Fair Price; unsold lots are re-offered up to three times and sold at the highest third-attempt bid absent justified retention. E-auction implementation is mandatory; applicability is limited to goods for which statutory notice to owners has been issued.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Fair Price determination governs auction-cum-tender disposal of seized and time expired goods, with joint pricing and government valuers.
Monthly disposal of seized, confiscated and time expired warehoused goods shall occur by simultaneous public auction and sealed tender. A Joint Pricing Committee in each Commissionerate will determine the Fair Price by reference to wholesale market price less a discount that reflects and exceeds the buyer's expected resale margin; Government Approved Valuers must ascertain market price and margins. No separate reserve price is to be fixed. The JPC may accept the highest bid if it meets or is close to the Fair Price; unsold lots are re-offered up to three times and sold at the highest third-attempt bid absent justified retention. E-auction implementation is mandatory; applicability is limited to goods for which statutory notice to owners has been issued.
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