Administration Manual - B.E.S.T. Undertaking.

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be disposed off through auction, reserve prices are fixed by a
Committee consisting of senior officers appointed by the G.M.
For items, where no bids are received or bids are much lower than the
reserve prices fixed, sales tenders are invited by the Materials
Management Department and steps are taken to dispose off such
materials at reasonable prices.
The powers to dispose off materials belonging to the Undertaking are
defined under Section 460 Q of the M.M.C. Act, which are as under:-
Sec. 460 Q(a) - The GM (powers delegated to COS) is empowered to
dispose off by sale such material not exceeding
Rs.2,000/- in value in each instance.
Sec. 460 Q(c) - The BEST Committee is competent to dispose off by
sale such material over Rs.2,000/- but not
exceeding Rs.1,00,000/- in value in each instance.
Sec. 460 Q(d) - The Corporation can dispose off by sale such
material the value of which exceeds Rs.1,00,000/-
in each instance.
6.8.7.1 Procedure: Disposals by Auction.
In case of materials that are to be sold through auction, the auctioneer
appointed for the purpose is informed by the Materials Management
Department to conduct the action sale by giving him a list of the
materials to be auctioned. The auctioneer takes steps to give wide
publicity in order to attract maximum bidders. The reserve prices for
the materials are fixed in advance by the Committee consisting of the
AGM(A), AGM(M) and Head of Branch of the Department crediting the
material.
Auction is conducted at the appointed place in the presence of the
Materials Management, Audit and Engineering representatives. The
highest bid is accepted with the concurrence of the Reserve Price
Committee. In the case of bids that are accepted, the auctioneer