Team Herald
PANJIM: Directorate of Mines and Geology (DMG) has disqualified a trader from participating in iron ore e-auction after he failed to fulfil the financial commitments towards payments for the earlier bid lot of 79,520 metric tonnes of ore.
Sri Sri Paramhansa Yogananda Exports, represented by M Shanmuga Sundaram, has been disqualified from participating in the e-auction process.
DMG Director Prasanna Acharya said that the trader had participated in the 16th and 17th e-auction and was declared to be successful bidder for 79,520 metric tonnes of ore. “However, he failed to fulfil the financial commitments towards payments for the said bid lot,” he said.
Acharya said various opportunities were given to the trader to make the payments so that the ownership of lot can be given to Sri Sri Paramhansa Yogananda Exports. “However, they failed to do so till date,” he added.
“As such Sri Sri Paramhansa Yogananda Exports and M Shanmuga Sundaram are hereby disqualified from participating in e-auctions to be held in near future,” the Director said.
The ore bid by the traders has now been declared as free for future e-auctions.
Of the total 15.5 million tonnes of ore identified for e-auction in 2014, only 11.1 million tonnes has been sold out through 21 e-auctions held so far. The e-auction process that commenced in February 2014, following Supreme Court order, halted in April 2017, following poor response from the bidders.
