TENDER DOCUMENT For Sale of Assets

Transcription

1 The Chairman of Asset Sale Committee of IDBI BANK LIMITED Recovery Department, IDBI Complex, 1 st Floor, Off C.G. Road, Ahmedabad Phone No. (079) asokan.m@idbi.co.in TENDER DOCUMENT For Sale of Assets All those piece and parcels of immovable property/ land admeasuring 4519 square meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat and building super structure on the above land of M/s Goyal Industries Ltd. Having its office at # 701, Trividh Chambers Ring Road, Opp Fire Brigade Office Surat (Gujarat) Sale Under the provisions of Section 20 (4) of SICA, by order dated December 13, 2012 of Hob le BIFR,

2 CONTENTS Sr.No Particulars Page No. I Public Notice for e-auction published in the newspapers 3-4 II Brief Description Immovables 5 III Important Dates at a Glance 6 IV Terms & Conditions 7-12 V Brief details of Bid/Offer document 13 VI Form of Profile of the Bidder - Individual VII Form of Profile of the Bidder Company / Firm /Party VIII Form of Appendix to the Bid/Offer (declaration by the Bidder) *** 2

3 I ] Public Notice for e-auction IDBI Bank Limited Recovery Department, IDBI Complex, 1st Floor, Off.C.G.Road, Ahmedabad PUBLIC NOTICE FOR SALE Through e-auction of properties of M/s Goyal Industries Ltd. Pursuant to taking possession of the assets by the Chariman of Asset Sale Committee (ASC) under the provisions of the section 20 (4) of SICA, by order dated December 13, 2012 of Hob le BIFR, the undersigned, invites participation/ applications from prospective bidders for purchase of immoveable properties (single lot) as stated hereunder Details of assets All those piece and parcels of immovable property/ land admeasuring 4519 sqaure meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat and building super structure on the above land Reserve Price (Rs. in lakh) EMD ( Rs. In lakh) Total Time of e- auction on am to 1.00 pm IMPORTANT DATES Sale of Bid / Tender document October 15, 2013 to November 13,2013 between 10 am to 3 pm Dates of Inspection October 21, 2013 from 11 a.m. to 4 p.m. Last Date of submission of Bid along November 15, 2013 upto 4.00 p.m. with EMD Date of e -auction November 18, The sale would be on e-auction platform at website https//eauction.npasource.com through e-auction service provider M/s Atishya Technologies Pvt. Ltd. 2. The interested bidders shall submit their Bid along with EMD & KYC documents (PAN card / Address proof). On receipt of the EMD, the bidders shall receive user id / password on their valid id (mandatory for e-auction) from the e-auction service provider M/s Atishya Technologies Pvt. Ltd. 3. The amount of EMD paid by the interested bidders shall carry no interest. 4. The property is proposed to being sold is on As is where is & whatever there is basis. All statutory liabilities / taxes / maintenance fee / electricity / water charges etc., outstanding as on date and yet to fall due would be ascertained by the bidder(s) and would be borne by the successful bidder. Bank does not take any responsibility to provide information on the same. 3

4 5. For detailed procedure, terms and conditions of the auction process, intending bidders may arrange to obtain Bid / Tender Document from Shri M. Asokan, Deputy General Manager, IDBI Bank Ltd., Off. C. G. Road, Near Lal Bungalow, Ahmedabad on any working day (except Saturday) between am to 4.00 pm on payment of non refundable fees of Rs.100/- (Rupees One Hundred Only) by a crossed A/c Payee Demand Draft/ Pay order drawn in favour of IDBI Bank Ltd- A/c M/s Goyal Industries Ltd. payable at Ahmedabad issued by any Nationalized Bank / Scheduled Bank. 6. The bid/tender document can also be downloaded from IDBI website ( and https//eauction.npasource.com. Those bidders preferring to download the Bid/Tender Document shall have to furnish the non refundable fee of Rs.100/- as at 5 above at the time of submission of the acceptance document with EMD. 7. For detailed information on the procedure of e-auction please refer to the Bid / Tender Document and for formalities / registration to be completed before e-auction please refer to registration procedure at website https//eauction.npasource.com. 8. Interested parties may contact undersigned on (T) ( ) asokan.m@idbi.co.in, Shri Kanwaldeep Sharma (T) ( ) kanwaldeep_sharma@idbi.co.in. For e auction support, please contact Shri Mahipal on or Shri Anthony Christian on (M) , ( ) anthony@npasourc .com; atishya@npasource.com. Dated October 12, 2013 Place Ahmedabad (M. Asokan) Chairman of ASC The above notice was published in the following newspapers on October 14, i) Business Standard (English)- Gujarat edition ii) Sandesh (Gujarati)- Gujarat edition iii) Indian Express (English) Gujarat edition 4

5 II. BRIEF DESCRIPTION OF THE ASSETS Property Description/single lot Land All those piece and parcels of immovable property/ land admeasuring 4519 sqaure meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat Roads, streets of lanes on which the land is abutting East - National Highway No. 8 West- Plot No. 497 North- Plot No. 485,490,500 South- Plot No. 498/B/C Reserve Price Rs. 72,87,640/- Building Super structure on the above land. Built up Area Sr. No. Particular Area sqmt. 1 Raw Material Godown Factory Building Godown Servant Quarters 120 Total 1687 Reserve Price Rs. 13,12,360/- *** 5

6 III- Important Dates at a Glance Sale of Bid / Tender document October 15, 2013 to November 13,2013 between 10 am to 3 pm Dates of Inspection October 21, 2013 from 11 a.m. to 4 p.m. Last Date of submission of Bid along November 15, 2013 upto 4.00 p.m. with EMD Date of e -auction November 18,

7 IV. TERMS AND CONDITIONS 1 The Chairman of Asset Sale Committee (ASC) exercising the powers under the the provisions of the section 20 (4) of SICA, by order dated December 13, 2012 of Hob le BIFR is selling the assets/properties mentioned at item No. II of the Tender Document and the same are being sold on As is where is & whatever there is basis and reserving the right to accept or reject any offer without assigning any reasons thereof. 2 Issue of Tender/ Offer / Bid Document The Tender Document along with Offer Form is on sale from October 15, 2013 to November 13,2013 between 10 am to 3 pm on any working day (except Saturday and holidays) and can be obtained from Shri M. Asokan, Deputy General Manager, IDBI Bank Ltd., Off. C. G. Road, Near Lal Bungalow, Ahmedabad on payment of non refundable fees of Rs.100/- (Rupees One Hundred Only) by a crossed A/c Payee Demand Draft/ Pay order drawn in favour of IDBI Bank Ltd- A/c M/s Goyal Industries Ltd. payable at Ahmedabad issued by any Nationalized Bank / Scheduled Bank. The bid document can also be downloaded from IDBI website ( And https//eauction.npasource.com. Those bidders preferring to download the Bid Document shall have to furnish the non refundable fee of Rs.100/- as mentioned above, at the time of submission of the bid along with EMD. Interested parties can participate in the e-auction for only one or multiple property, as they desire. 3 (Rs. in lakh) Reserve Price Earnest Money Deposit (EMD) The sale of Secured Assets is on As is where is, As is what is & whatever there is and without recourse basis. The description of the immovable properties is based on the mortgages created by the Borrower with the secured lenders from time to time and the representations made by them. The Chairman of ASC does not take or assume any responsibility for any shortfall of the immovable assets or for procuring any permission, etc. or for the dues of any authority established by law. All statutory liabilities / taxes / maintenance fee / electricity / water charges etc., outstanding as on date and yet to fall due would be ascertained by the bidder(s) and would be borne by the successful bidder. It is expressly made clear that the Chairman of ASC/ Bank does not take any responsibility to provide information on the same. The Chairman of ASC/ Bank does not take or assume any responsibility for any dues, statutory or otherwise, of M/s Goyal Industries Ltd. including 7

8 such dues that may affect transfer of the assets in the name of the purchaser and such dues, if any, will have to be borne/paid by the purchaser. 5 Inspection of assets The interested parties may inspect the assets at their own cost between 11 a.m. to 4 p.m. on the assigned dates in the presence of a representative of the Company available at the site to facilitate the inspection. 6 Due Diligence by the Bidders The interested parties may carry out their own comprehensive due diligence in respect of the Assets including any dues relating to the Assets. A bidder shall be deemed to have full knowledge of the condition of the assets, relevant documents, information, etc. whether the bidder actually inspects or visits or verifies or not. 7 The bidders shall be deemed to have inspected and approved the Assets to their entire satisfaction and for the purpose, the Bidders may, in their own interest and at their own cost, verify the area of the premises and details of movable assets and any other relevant information before submitting the Bids. It shall be presumed that the bidder has satisfied himself/herself about the names, descriptions, particulars, quantities, qualities, specifications, measurements, boundaries and abuttals of the assets/properties and that the bidder concurs or otherwise admits the identity of the assets/properties purchased by him/her notwithstanding any discrepancy or variation, by comparison of the description in the particulars of the assets/properties and their condition. 8 The Bidder shall not be entitled to receive re-imbursement of any expenses which may have been incurred in preparation of the Bid/Offer for submission and/or for carrying out due diligence, search of titles to the assets and matters incidental thereto or for any other purpose in connection with purchase of the assets under reference. 9 Submission of Tender/Offer The Bidder shall complete in all respects the Offer form(s) annexed to the Tender Document, and furnish the information called for therein and shall sign and date each of the documents in the space provided therein for the purpose. The Bidder shall initial each page of the Offer. Offers received for sale and / or accepted are not transferable. The Format for submission of Profile of the bidder are given in Chapter V & VI respectively of this Tender Documents. The format Chapter V is for Individuals and The format Chapter VI is Company / Proprietorship / Partnership firms. Bidders may fill in only the form relevant to them. 10 The Tender/Offer shall be signed by a person or persons duly authorized by the Bidder with the signature duly attested. 11 The Tender/Offer shall contain the full address, Telephone No., Fax No., -id, if any, of the Bidder for serving notices required to be given to the Bidder in connection with the Offer. 8

9 12 The Tender/Offer form shall not be detached one from the other and no alteration or mutilation (other than filling in all the blank spaces) shall be made in any of the documents attached thereto. 13 Last date for submission of Tender/Offer /Bid Document The interested parties may submit Tender / Offer / Bid Document duly filled and signed along with the required documents to the chairman of ASC, Shri M. Asokan, Deputy General Manager, IDBI Bank Ltd., Off. C. G. Road, Near Lal Bungalow, Ahmedabad , not later than 4.00 pm on November 15, 2013 in a sealed cover containing a crossed A/c Payee Demand Draft/Pay Order of Rs lakh (Rupees eight lakh sixty thousand only). The DD / PO should be drawn in favour of "IDBI Bank Ltd.-A/c- M/s Goyal Industries Ltd. payable at Ahmedabad issued by any Nationalised Bank/Scheduled Bank as Earnest Money Deposit (EMD), which shall be superscribed EMD for M/s. Goyal Industries Ltd. and the other sealed cover containing the Bid Document superscribed Bid Document for M/s. Goyal Industries Ltd.. Bidders who have downloaded the Bid / Tender Documents from IDBI website or from the website of the e-auction service provider https//eauction.npasource.com must pay Rs.100/- (Rupees one hundred only) towards the cost of the same, by way of DD/ PO. 14 Only those bidders will be permitted to participate in the e -auction whose Tender/ Offer /Bid Document is complete in every respect and whose Demand Draft/Pay Order for EMD is found to be in order order/received well before the cut-off time. Form of Tender /Offer/ Bid, if found incomplete in any respect, shall be liable for outright rejection. Bidders whose forms are found to be in order together with the EMD / Cost of Tender Document submitted by them, will be intimated by and through mobile. 15 Registration with E-Auction Service Provider 1. Participants who are not already registered with the e-auction provider M/s Atishya Technologies Pvt. Ltd., should register themselves by following the procedure mentioned at the website https//eauction.npasource.com.the participants /intending purchasers are necessarily required to submit following documents / papers for registration to M/s Atishya Technologies Pvt. Ltd. 2. SOI Form duly signed & filled up. Please download from https//eauction.npasource.com a. Self attested copy of Pan Card b. Self Attested valid residential proof (Voter Id card, Passport copy, Ration card, telephone bill, electric bill - any one) c. Self Attested valid e mail id and mobile no. The user id and password will be then sent directly to the registered participants / intending purchasers whose Bid Document is complete in every respect and whose Demand Draft/Pay 9

10 Order for EMD is found to be in order/received well before the cut-off time and the documents with further directions by the e- auction provider company, if any, for log in and participating in the auction through online process. After receiving the userid / password, in case any bidders feel the need for training / e auction support, such bidders may contact Shri Mahipal on or Shri Anthony Christian on (M) , ( ) anthony@npasourc .com; atishya@npasource.com. For queries during the live auction Auction Room Ph. No / The Bank/Chairman of ASC/ e-auction service provider will not be responsible for any error occurred due to power failure / computer hardware or software error / network error etc. at the time of e-auction. 16 The e- auction day November 18, 2013 E Auction time am to 1.00 pm. The auction would be held with 3 limited extensions of 5 minutes each, if required, on e-auction platform at website https//eauction.npasource.com. In case no further valid bids are received during the extended period, the last highest bid received would be treated as the successful bid and auction would be treated as closed/terminated. Increase in Bid Amount It may be noted that increase in bid amount, if any, during the e-auction period shall be made as under. In multiples of Rs.25,000/- for lot Increase in bid amount below the said Rs.25,000/- will be rejected. First bid should be of at least equal to Reserve Price or increment(s) over the Reserve Price in multiples as above. 17 Bids not accompanied by the EMD shall be rejected. EMD shall be forfeited if the party whose offer/ bid is finally accepted defaults in making the balance payment in terms of the conditions of sale and completing other sale formalities within the due date. If, however, the sale is completed within the specified time limit, the EMD shall be adjusted towards the final sale price. The EMD will not, however, carry any interest. Late bids i.e. bids received after the specified date and time of receipt should not be considered. 18 Payment of Sale Price Where a bid has been finally accepted the purchaser shall be required to pay the balance of the purchase consideration in two installments of 50% and balance amount of the total selling price minus the EMD amount, payable, respectively, before the end of 45-days and 90-days respectively from the date on which intimation regarding the final acceptance of the bid is dispatched to him by Registered post (A.D.) /Speed Post at his notified address, by crossed A/c 10

11 Payee Demand Draft/Pay Order drawn in favour of "IDBI Bank Ltd.-A/c M/s Goyal Industries Ltd." payable at Ahmedabad issued by any Nationalised Bank/Scheduled Bank. The successful purchaser shall within 15-days of the receipt of intimation regarding the acceptance of his bid, furnish a bank guarantee, valid for one year, as may be considered satisfactory by the OA/MA, to secure full and timely payment of consideration for the assets purchased. The EMD received from unsuccessful bidders will be refunded to them, without any interest, promptly. The possession of the assets purchased and the title thereof shall be transferred to the purchaser only on receipt of full payment of the purchase consideration along with 15% per annum in case of delayed payments, if any, which may be accepted with the prior approval of the Hon ble BIFR. The extension of time to be granted by the Board in terms of para above will not exceed 90-days each from the due date(s) of the respective installment (s) and shall be subject to prior extension, if necessary, of the period of validity of the bank guarantee for the unpaid amount, besides payments of 15% per annum for extended period. 19 In case selected bidder does not show interest in taking the assets, the bid security should be forfeited and other actions initiated including re-sale of the assets in question at the risk and cost of the defaulter, after obtaining legal advice by OA. 20 The defaulting successful bidder shall forfeit all claims to the assets or to any part of the sum for which it may be subsequently sold. 21 In the event of the successful bidder failing to pay the consideration amount within the time schedule stipulated, the Chairman of ASC reserves the right to resell the assets to the second/third highest bidder in the above manner, who shall also be treated as the successful bidder mentioned in clauses 9 to 16 above and further in terms of this Bid Document. 22 The purchaser will be required to bear all the necessary expenses like stamp duty, registration expenses, etc. for transfer of assets in his/her name. It is expressly stipulated that there are no implied obligations on the part of the Chairman of ASC/IDBI Bank and it shall be solely the obligation of the Bidder, at his/her cost, to do all acts, things and deeds whatsoever for the completion of the sale including payment of all statutory liabilities / housing society tax / maintenance fee / electricity / water charges etc., outstanding as on date and yet to fall due would be ascertained by the bidder(s) and would be borne by the successful bidder to get the assets transferred in his /her/their name. Bank does not take any responsibility to provide information 11

12 on the same. 23 The submission of the Bid/Offer means and implies that the Bidder/Offerer has unconditionally and irrevocably agreed to and accepted all the above terms and conditions of the Bid/Offer laid down herein. 24 The time hereinabove fixed for the observance and performance by the bidder of any of the obligations to be observed by him/her under these conditions is and shall be deemed to be of the essence. 25 The entire procedure of e auction, the sequence of inter-se bidding etc. shall be at the sole and absolute discretion of the Chairman of ASC and the intending bidders shall have no right whatsoever to object to the same. 26 Notwithstanding anything stated elsewhere in this Tender Document, the Chairman of ASC reserves the right to call off the sale process at any point of time without assigning any reasons. 27 Jurisdiction All disputes arising amongst the parties shall be adjudicated according to Indian Law and the Courts in Ahmedabad shall have the exclusive jurisdiction to entertain /adjudicate such disputes. 12

13 V. BRIEF DETAILS OF TENDER/OFFER DOCUMENT TENDER/OFFER FORM FOR PURCHASE OF ASSETS OF M/s Goyal Industries Ltd. Location of the Properties All those piece and parcels of immovable property/ land admeasuring 4519 square meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat and building super structure on the above land 1 Issue of Bid/Offer Document 2 Cost of the Tender/Offer Document 3 Last Date and time for submission of Tender Document together with EMD 4 Place, Date and time of E- Auction The Tender/Offer Document can be obtained from Shri M. Asokan, Deputy General Manager, IDBI Bank Ltd., Off. C. G. Road, Near Lal Bungalow, Ahmedabad on any working day (except Saturday) between am to 4.00 pm on payment of non refundable fees of Rs.100/- (Rupees One Hundred Only) by a crossed A/c Payee Demand Draft/ Pay order drawn in favour of IDBI Bank Ltd- A/c M/s Goyal Industries Ltd. payable at Ahmedabad issued by any Nationalized Bank / Scheduled Bank. The Tender/Offer Document can also be downloaded from IDBI website ( And https//eauction.npasource.com. Those bidders preferring to download the Bid Document from the website shall have to furnish the non-refundable fee of Rs.100/- (Rupees One Hundred only) as mentioned above at the time of submission of the tender document. Interested parties can participate in the e-auction in single lot. Rs. 100/- (Rupees One Hundred Only). November 15, 2013 upto 4.00 p.m. Place e-auction platform at website https//eauction.npasource.com November 18, 2013 E Auction time between a.m. to 1.00 pm with 3 limited extensions of 5 minutes each, if required. * * * 13

14 VI. FORMAT FOR SUBMISSION OF PROFILE OF THE BIDDER- INDIVIDUAL For purchase of all those piece and parcels of immovable property/ land admeasuring 4519 square meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat and building super structure on the above land of M/s Goyal Industries Ltd. (To be filled and submitted by the Bidder/Offerer) 1 a) Full Name of the Bidder/Offerer (in Block letters) b) Complete Postal Address with PIN Code, Telephone Nos.; Fax Nos.; Website, etc. c) Mobile Nos. d) ID 2 Brief particulars of business (if any) 3 Relationship, if any, the Bidder/Offerer has with any employee of IDBI Bank Ltd. 4 Name and particulars of the Company/Firm/Person in whose name the Secured Assets/property are to be purchased 5 Details of Purchase of Tender Document of Rs.100/-(for each office & Unit at Valsad, Gujrat ) i) Form No. ii) Demand Draft No. / Pay Order No. iii) Date of Demand Draft / Pay Order iv) Name of the issuing Bank and Branch 6 Details of Earnest Money Deposit (EMD) of Rs.8.6 lakh for the lot i) Demand Draft No. / Pay Order No. ii) Date of Demand Draft / Pay Order iiii) Name of the issuing Bank and Branch 7 Income Tax Permanent Account Number(s) (PAN) of Bidder /Offerer * Each and every information and documents to be submitted is mandatory. 14

15 I/We have read and understood the detailed terms and conditions of the sale and have also read, perused and understood all the relevant papers and have carried out my/our own due diligence. In case any information is found to be incorrect/ incomplete, I/We shall not hold the Chairman of ASC or IDBI Bank responsible for the same and shall not have any claim whatsoever against either of them. Signature of the duly authorised official of the Bidder/Offerer Place Name and Designation of the Authorised Signatory Date *** 15

16 VII. FORMAT FOR SUBMISSION OF PROFILE OF THE BIDDER COMPANY/ PARTNERSHIP/ PROPRIETORSHIP For purchase of all those piece and parcels of immovable property/ land admeasuring 4519 square meters of a factory situated at Plot No. 498 (A1 & A2), N.H. No. 8, Tal. Palsana, Surat and building super structure on the above land of M/s Goyal Industries Ltd. (To be filled and submitted by the Bidder/Offerer) 1. a) Name of the Company/ Firm/ Party (in Block letters) b) Complete Registered Address c) Complete Correspondence Address with PIN Code, Telephone Nos.; Fax Nos.; Website, etc. 2. Date of Incorporation 3. Constitution (Private/Public/Joint) 4. Name of Chairman 5. Name of Managing Director / Partners 6. Board of Directors a) b) c) d) e) f) 7. Income tax PAN No. (attested copy of PAN card of the company to be attached) 8. Date of Last Income Tax Return (Enclose copy of last 3 years' Income Tax clearance certificate) 9 a) Full Name of the Authorised Person to carry out e- auction on behalf of the company/firm /party (in Block letters) (Original Authorised letter to be attached to carry out the e-auction process) b) Complete Postal Address of the Authorise person with PIN Code, Telephone Nos.; Fax Nos.; Website, etc. c) Mobile Nos. d) ID 10 Designation of the Authorised Person 11 Relationship, if any, the Bidder/Offerer has with any employee of IDBI Bank Ltd. 12 Details of Purchase of Tender Document of Rs.100/- (for the lot/land & building at Palsana, Surat (Gujarat) i) Form No. ii) Demand Draft No. / 16

17 Pay Order No. iii) Date of Demand Draft / Pay Order iv) Name of the issuing Bank and Branch 13 Details of Earnest Money Deposit (EMD) of Rs lakh. i) Demand Draft No. / Pay Order No. ii) Date of Demand Draft / Pay Order iiii) Name of the issuing Bank and Branch 14 Income Tax Permanent Account Number(s) (PAN) of the Authorised person * Each and every information and documents to be submitted is mandatory. I/We have read and understood the detailed terms and conditions of the sale and have also read, perused and understood all the relevant papers and have carried out my/our own due diligence. In case any information is found to be incorrect/ incomplete, I/We shall not hold the Chairman of ASC or IDBI Bank responsible for the same and shall not have any claim whatsoever against either of them. Signature Name of the Authorised Person Designation Company Seal All authorizations should be annexed to this form. *** 17

18 VIII. FORM OF APPENDIX TO THE BID/OFFER (DECLARATION BY THE BIDDER) (ON STAMP PAPER OF RS.100/-) FORM OF BID/OFFER (Note This Appendix forms part of the Bid/Offer) To, Shri M. Asokan, Chairman of ASC Deputy General Manager, IDBI Bank Ltd., Off. C. G. Road, Near Lal Bungalow, Ahmedabad Sir, Sale of Assets / Property of M/s Goyal Industries Ltd. 1. Having fully examined and understood the terms and conditions of the Tender Document and condition and status of the Assets/property, I/We offer to purchase the said Assets strictly in conformity with the terms and conditions of this Tender/Offer Document. 2. I/We understand that if my/our Bid/Offer is accepted, I/We shall be responsible for the due observance and performance of the terms and conditions of the Tender/Offer and acquire the Asset/property. Should I/We fail to execute and perform the terms and conditions when called upon to do so, the Earnest Money Deposit (EMD) shall be forfeited. 3. I/We further understand that if my/our Bid/Offer is accepted, I/We do not show interest in taking the assets, the bid security should be forfeited, as laid down in the terms and conditions of the Bid Document. 4. I/We further understand that in the event I/We fail to take possession of the Assets, the Chairman of ASC reserves the right to revoke the sale confirmed in my/our favour and forfeit the entire amount paid by me/us and I/we shall have no claims on the assets or to any amount/s for which it may be subsequently sold. 5. I/We clearly understand and accept that the Chairman of ASC or the IDBI Bank do not take or assume any responsibility for any dues, statutory or otherwise, of M/s Goyal Industries Ltd. including such dues that may affect transfer of the assets in the name of the purchaser and such dues, if any, will have to be borne/paid by me/us in case my/our Bid/offer is accepted 6. I/We understand that you are not bound to accept the highest or any Bid/Offer you may receive. Further, I/we will not raise any objection in case the Chairman of ASC goes for re-bidding or sell the assets by any of the modes as prescribed in the SICA/BIFR Guidelines including sale by negotiation with any of the bidders and/or other parties by private treaty. 18

19 7. I/We understand that time is the essence for completing the acquisition formalities of the Assets/property and I/we agree and undertake to abide by it. 8. I/We also enclose a Demand Draft/Pay Order of value Rs. 8.6 lakh (Rs. Eight lakh sixty thousand only) towards Earnest Money Deposit (EMD) in the name of "IDBI Bank Ltd.- A/c M/s Goyal Industries Ltd." payable at Ahmedabad. 9. We understand that the EMD will not carry any interest. 10. We understand that the Bid/Offer should be unconditional and Bid/Offer having conditions contrary to the terms and conditions of the Tender/Offer document can be summarily rejected. Place Dated... day of 2013 Signature.... in the capacity of... duly authorised to sign Bid/Offer for and on behalf of... (Name and address of the Bidder/Offerer) (IN BLOCK CAPITALS) WITNESS Signature... Name & Address... Occupation *** 19