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1. Registration and Eligibility

• Participation in the auction is subject to registration and approval by the Seller.

• Interested buyers must register through the link https://www.mol.co.in/auctionregistration.

• Only approved participants will be permitted to take part in the auction.

• The Seller reserves the absolute right to accept or reject any registration or participation at its sole discretion, without assigning any reason.

• Only one registration per company is permitted. Multiple registrations from the same company or related parties may be rejected or cancelled.

• ​Registration does not guarantee participation. Only approved participants will receive bidder login credentials.

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2. Bidder Credentials

• Approved participants will receive Bidder Code and Login PIN closer to the start of the auction.

• These credentials are confidential and must not be shared.

• Each Bidder Code is intended to be used by one person only.

• Any bid placed using the issued credentials will be deemed to have been placed by the registered bidder and shall be valid and binding.

• The Seller shall not be responsible for any misuse of credentials by the bidder or their representatives.

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3. Auction Format

• The auction will be conducted online through the Seller’s designated bidding platform.

• The auction may include multiple grades of bitumen, and each grade may consist of one or more lots.

• Each lot will have its own quantity and applicable bidding parameters.

• The sequence of grades and lots offered during the auction shall be determined by the Seller, and may be decided before or during the auction.

• The Seller may decide which grade or lot will be offered next depending on operational considerations or bidding outcomes.

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4. Bidding Process

• Bidders must place bids through the designated auction platform during the active auction period.

• The platform will display the current highest bid and remaining time for the lot.

• Bidders must follow the minimum increment and other bidding rules displayed on the platform.

• The highest valid bid at the close of the timer will be considered the winning bid for that lot.

• To ensure fair competition, if a valid bid is received within the last 15 seconds, the timer may automatically extend by an additional 15 seconds.

• The system time displayed on the auction platform shall be treated as final.

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5. Binding Nature of Bids

• All bids placed through the auction platform are irrevocable and binding.

• Once a bid is submitted and accepted by the system, it cannot be withdrawn or modified.

• Bidders are responsible for ensuring that the bid amount entered is correct before submission.

• The records maintained by the Seller and/or the auction platform shall be treated as final for determining bidding activity and outcomes.

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6. Payment Terms

The successful bidder must make payment as follows:

• 20% advance payment within 2 hours of the closing of the respective lot

• Balance payment by 11:00 AM on the following day or on loading of the truck, whichever is earlier

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Payment must be made to

A/c Name: Madhusudan Organics Pvt Ltd
Bank Name:  YES BANK
A/c Type:  CURRENT ACCOUNT
A/c No:  019084600002610
Bank Address: 56 A Hemanta Basu,Sarani, Kolkata-700001
IFSC Code: YESB0000190
 

Failure to make payment within the stipulated time may result in:

• Failure to pay the advance amount within the stipulated time shall result in cancellation of the successful bid, and the lot may thereafter be dealt with at the sole discretion of the organiser.

• Failure to make the balance payment within the stipulated time shall result in forfeiture of 50% of the advance amount paid, and the remaining balance of the advance shall be refunded thereafter.

• Restriction or disqualification from future auctions conducted by the Seller.

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7. Seller Rights

The Seller reserves the right, at its sole discretion, to:

• Accept or reject any bid

• Cancel or withdraw any lot

• Pause or stop the auction temporarily for operational or technical reasons

• Cancel or terminate the auction at any time before completion without assigning any reason

 

The Seller also reserves the right to block, suspend or remove any bidder from the auction in case of misconduct, misuse of the platform, disruptive behaviour or violation of these terms.

 

8. Technical Disclaimer

Bidders are responsible for ensuring that they have a stable internet connection and suitable device for participating in the auction.

 

The Seller shall not be responsible for:

• Internet connectivity issues on the bidder’s side

• Device or browser problems

• Delays caused by network congestion

• Any other technical issues beyond the Seller’s control

 

In the event of technical disruptions, the Seller may pause, restart or modify the auction process as deemed appropriate.

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9. Communication

Auction announcements, instructions and updates may be communicated through the auction platform, email, or WhatsApp broadcast messages.

 

Participants are advised to save the Seller’s contact number +91 98316 22224 in their phone contacts to receive important updates.

 

10. Finality

The Seller’s decision regarding auction conduct, acceptance of bids, allocation of lots and interpretation of these Terms & Conditions shall be final and binding on all participants.

 

Participation in the auction shall constitute acceptance of these Terms & Conditions.

 

​Please save +91 98316 22224 in your contacts to receive auction updates via WhatsApp broadcast.

 

11. Contact

For queries regarding registration or participation in the auction, please contact:

WhatsApp: +91 98316 22224

Madhusudan Organics Pvt Ltd

Kolkata, India