by admin | May 25, 2021 | Business
New Delhi: (IANS) The Supreme Court on Thursday allowed the New Delhi Municipal Council to go ahead with the e-auction of the property housing the iconic Taj Mansingh Hotel here, currently run by Tata Group’s Indian Hotels Company Ltd. (IHCL).
An apex court bench of Justice Pinaki Chandra Ghose and Justice Rohinton Fali Nariman said the IHCL will have six months to vacate the building — known as Taj Mansingh — in case the New Delhi MUnicipal Council (NDMC) does not succeed in its e-auction.
The court said the NDMC will keep in mind that the IHCL has an unblemished track record in hotel management.
Appearing for the IHCL, senior counsel Harish Salve told the court that the proposed auction was not right as they have certain contractual rights for lease renewal.
Pressing for the right of first refusal if the property housing Taj Mansingh was to go under the hammer, Salve told the court that at some point “we must get renewal opportunity as our track record has been unblemished”.
The IHCL had challenged the Delhi High Court’s October 27 order dismissing its plea against the auction of the property by the NDMC.
The apex court had ordered for a status quo on November 21, 2016,
Earlier, a division bench of the Delhi High Court had reiterated the September 25 single-judge order that dismissed an IHCL suit to renew its licence and upheld the NDMC’s decision to auction the property.
The property, owned by the NDMC, was given to IHCL on a 33-year lease that ended in 2011. The IHCL has since been managing the property on several extensions it has got from the municipal council.
by admin | May 25, 2021 | Business, Large Enterprise, Markets, Online Marketing
Kolkata:(IANS) The Tea Board of India on Tuesday said it has deferred, to June 23, the start of pan India e-auction due to “some post settlement issues”.
“We have deferred the pan India e-auction for two days. There are some post settlement issues which are pending before state’s VAT authority. Industry players sought clarification. We are open to it,” Tea Board of India Chairman Santosh Sarangi told IANS.
“With the sale number 25, the pan India e-auction process will start from June 23 in all auction centres as per the new module but the post settlement banking operation will be done as per the existing process until we sort it out,” he said.
The board in a statement said the post settlement portion of the auction would be implemented shortly after carrying out certain modifications in the system as per the feedback received from stakeholders.
There are some glitches in post sales settlement,” said Indian Tea Association’s vice chairman Azam Monem.
“We sought clarification on value added tax and input tax credit and asked to redesign the payment challan,” said an industry source on condition of anonymity.
In the existing centre specific e-auction, there are two settlement bankers – the State Bank of India and the IndusInd Bank. The board chose one settlement banker – Bank of India – in the new system.
“We have made a request to have a common settlement account instead of a one bank account. The board has acknowledged it. They (board) may examine it and in due course, we hope they will adopt two vendor policy,” Monem said.
The board said the actual auction of tea through pan India e-auction system was planned on June 21, 22 and 23 at different auction centres. In Kolkata, Guwahati and Cochin auction centres, sale 25 was scheduled on June 21, in Coimbatore and Siliguri the sale was scheduled on June 22 and at Coonoor it was fixed for June 23,” it said.
Pan India e-auction was launched on May 9.
by admin | May 25, 2021 | Economy, News
Kolkata (IANS) Coal India would tentatively offer over 79 million tonnes of coal for e-auction for power producers and also for non-power sector consumers in the August to March period of the current fiscal, the state-run mining company announced.
The coal company notified tentative schedule for “information and advance planning by the prospective consumers”.
Of the total coal to be offered, over 63 million tonnes will be offered for special forward e-auction for power producers and 16 million tonnes will be earmarked for exclusive e-auction for non-power consumers.
The notice said over 33 million tonnes of coal to be auctioned for power producers under special forward e-auction will be made available through road transport and over 29 million tonnes will be sent by rail.
A total of 7,683 rakes will be used to transport coal.
