stressed assets stabilisation fund (sasf) stressed … · wtc complex, cuffe parade, mumbai - 400...

1

STRESSED ASSETS STABILISATION FUND (SASF)

The Authorized Officer (AO)

of

STRESSED ASSETS STABILISATION FUND

5th

Floor, IDBI Tower,

WTC Complex,

Cuffe Parade,

Mumbai - 400 005

www.sasftrust.com

TENDER DOCUMENT

For

Sale of Assets of Telephone Cables Ltd.

Plot A-30, Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali), in Dist. Ropar, Punjab,

India

Under

The Securitisation and Reconstruction of Financial Assets and Enforcement of Security

Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2002

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CONTENTS Page Nos.

I Public Notice for SALE published in the newspapers 3

II Possession Notice published in the newspapers 4

III Introduction 5-8

IV Brief Description - Properties 9

V Brief Description - Movable Properties 10-12

VI Reserve Price & Principal Outstanding 13

VII Terms & Conditions 14-16

VIII Annexures 17-21

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STRESSED ASSETS STABILIZATION FUND (SASF)

5TH

FLOOR, IDBI TOWER, WTC COMPLEX, CUFFE PARADE,

MUMBAI – 400 005 www.sasftrust.com

PUBLIC NOTICE FOR SALE

SALE OF MOVABLE and IMMOVABLE PROPERTIES (SECURED ASSETS) OF

TELEPHONE CABLES LIMITED (“THE BORROWER”)

Offers are invited in sealed covers for sale of the following assets of Telephone Cables Ltd. under the provisions of the Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (the Act) read with the Security Interest (Enforcement) Rules, 2002, possession of which was taken by the Authorised Officer (AO) of

SASF.

Property Description Reserve

Price

(Rupees

in crore)

Earnest Money

Deposit (EMD)

(Rupees in

crore)

Availability

of

Tender

Documents

Date of

Inspection

Last Date of

Submission of

Sealed

Tenders

Date of Opening of

Tenders

Lot I - Leasehold land within the Industrial Area at Plot A-30, Industrial

Focal Point, Phase –VIII, SAS Nagar (Mohali), (Punjab), containing by

admeasurement 1,25,840 sq yards in District Ropar, Punjab together with all buildings and structures and sheds 173.74 17.37

On

SASF

website www.

sasftrust.com

from

Sept 8, 2014

to Oct 8, 2014

Sept 15, 2014

and

Sept 29, 2014 between 10:00

hours IST to

16:00 hours

IST

Oct 8, 2014 by

17:00 hours

IST at

SASF, 5th

Floor,

IDBI Tower,

WTC

Complex,

Cuffe Parade,

Mumbai, India-400005

Oct 10, 2014

at

11:00 hours IST at IDBI Bank Limited,

Conference Room,

Videocon Tower, 1st

Floor,

E-1, Jhandewalan

Extension,

New Delhi, India -

110055

Lot II – All buildings and structures and sheds within the Industrial Area at Plot A-30, Industrial Focal Point, Phase –VIII, SAS Nagar

(Mohali), (Punjab), together with all the movable assets situated / lying

at above site. 4.75 0.47

Lot III - All the movable assets situated / lying at above site viz at Plot

A-30, Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali),

(Punjab). 2.15 0.21

Lot IV - Leasehold land within the Industrial Area at Plot A-30,

Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali), (Punjab),

containing by admeasurement 1,25,840 Square yards in District Ropar,

Punjab together with all buildings and structures and sheds and all the

movable assets situated / lying at above site. 175.89 17.59

Brief Description of properties: All leasehold rights of land within the Industrial Area at Plot A-30, Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali), (Punjab), containing by admeasurement 1,25,840 sq yards

in Dist. Ropar, Punjab, and bounded as under :

On or towards the North East by road,

On or towards the South West by plot no.A-31,

On or towards the North West by road,

On or towards the South East by road :

together with all buildings and structures and sheds constructed and/or to be constructed thereon and all the plant and machinery attached to the earth or permanently fastened to

anything attached to the earth or installed and/or to be installed /erected thereon and every part thereof. Details of the movable properties more particularly mentioned in the tender document.

Gist of the terms & conditions appearing in Tender Document:

1. The sale of Secured Assets is on “as is where is basis”, “as is what is basis”, “whatever there is basis” and “no recourse basis” for and on behalf of the Secured Creditors viz.:

SASF, IARC, Alchemist, Kotak Mahindra Bank, Punjab & Sind Bank, Reliance ARC and Canara Bank having aggregate outstanding dues of about Rs.32081 lakh as on

September 30, 2009 together with further interest and other expenses/costs thereon.

2. The aforesaid properties shall not be sold below the reserve price mentioned above.

3. The sale shall take place on the expiry of thirty days from the date of publication of this notice.

4. The Earnest Money Deposit (EMD) will not carry interest. AO may retain EMD of top three bidders upto 3 months from the date of opening of the tenders.

5. The AO may permit inter-se biding among the top three bidders. 6. The tenderers will have the opportunity to increase their offers on the opening of the tenders.

7. The successful tenderer will be required to deposit 25% of the sale price at the time of the sale. The balance amount of the sale price is to be paid within 15 days of the

confirmation of the sale or such extended period as may be agreed to by the AO. In case of failure to deposit the balance amount within the prescribed period, the deposited

amount shall be forfeited, including earnest money.

8. AO reserves the right to accept or reject any or all bids without assigning any reason(s). In case all the bids are rejected, AO can negotiate with any of the tenderer or other parties

for sale of the properties by private treaty.

9. The Secured Assets mentioned in the Tender Document are based on the charges/mortgages created by the Borrower in favour of Secured Creditors, the details whereof are given in the Tender document. Interested parties are requested to verify the details of the Secured Assets and inspect the records relating to mortgaged assets (lease deed for leasehold

rights) available with AO on request.

10. Secured creditors do not take responsibility for any errors/omissions/discrepancy/ shortfall etc in the secured Assets or for procuring any permissions etc or for the dues of any

authority established by law.

11. The Secured Assets are being sold free from charges and encumbrances of Secured Creditors only.

12. The Land is a leasehold land and sale is subject to the terms of the Lease Deed dated December 2, 1987 more specifically mentioned in the tender document.

13. The successful tenderer would be required to bear all the necessary expenses like stamp duty, registration, expenses, tax liabilities etc, if any, for transfer of secured assets

including transfer of leasehold rights from the lessor. 14. The Tender documents can be downloaded from SASF‟s website www.sasftrust.com from Sept. 8, 2014 to Oct 8, 2014.

Date: September 8, 2014

Place: Mumbai

Sd/-

(Zulu Jamir)

Authorised Officer , SASF Ph:( +91) 22 6619 4313 / (+91) 8879032533

Email :[email protected]

The above notice was published in Hindustan Times (All Editions), Punjabi Tribune (Punjabi Language) and Economic Times (All Editions) on September 8, 2014

http://www.sasftrust.com/




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STRESSED ASSETS STABILIZATION FUND

5th Floor IDBI Tower, WTC Complex, Cuffe Parade, MUMBAI-400 005

Website – www.sasftrust.com

Notice

Whereas the undersigned being the Authorised Officer of Stressed Assets Stabilization Fund (SASF) under

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in exercise of

powers conferred under Section 13(12) read with Rule 3 of the Security Interest (Enforcement) Rules, 2002 issued

Demand Notice dated September 26, 2011 under Section 13 (2) of the said Act calling upon M/s. Telephone Cables Ltd.,

(Borrower) a company incorporated under the Companies Act, 1956 and having its Registered Office at S.C.O. 68-70, Post

Bag -7, Sector 17-C, Chandigarh – 160 017 and factory premises at A-30, Phase VIII, S.AS Nagar ( Mohali) (Punjab)to

repay the amount mentioned in the said Notice being Rs.184,68,45,769 /- (Rupees One Hundred Eighty Four Crore Sixty

Eight Lakh Forty Five Thousand Seven Hundred Sixty Nine Only ) as on 30/6/2011 together with further interest and

other expenses/cost thereon at the contractual rates upon the footing of compound interest until payment/ realization within

60 days from the date of the said Notice. The Borrower mentioned hereinabove having failed to pay the amount to SASF.

IFCI took possession of the property as described below, on behalf of SASF and other secured lenders and subsequently

sold its interest on the said property. Hence majority lenders decided by consensus to request SASF to take lead in place of

IFCI and also request IFCI to handover possession to SASF at an early date. Accordingly AO took possession of the

following property from IFCI on 30.08.2012.

The Borrower in particular and the public in general is hereby cautioned not to deal with the property and any dealing with

the property will be subject to the charge of SASF and other secured lenders.

Description of the property

All leasehold rights of land within the Industrial Area at Plot A-30, Industrial Focal Point, Phase –VIII, SAS Nagar

(Mohali), (Punjab), containing by admeasurement 1,25,840 sq yards in Dist. Ropar, Punjab, and bounded as under :

On or towards the North East by road.

On or towards the South West by plot no. .A-31,



together with all buildings and structures and sheds constructed and/or to be constructed thereon and all the plant and

machinery attached to the earth or permanently fastened to anything attached to the earth or installed and/or to be installed

/erected thereon and every part thereof

Date: August 30, 2012

Place: Mohali

(Sanjay Kumar )

Authorised Officer

Tel: (022) 6655 2129

E-mail: [email protected]

Published in Indian Express on September 4, 2012 and in Punjabi Tribune (Punjabi

Language) on September 5, 2012.


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III. INTRODUCTION

1. The Government of India vide Trust Deed dated September 24, 2004 has set up a Trust

under the name of “Stressed Assets Stabilization Fund” (SASF). SASF is having its Principal

Office at IDBI Tower, 5h Floor, Cuffe Parade, Mumbai-400 005. Pursuant to the Transfer Deed

dated September 30, 2004, Industrial Development Bank of India (IDBI) have, inter alia, assigned

/ transferred to SASF the financial assistance granted by them to Telephone cables Limited, the

Borrower, together with all underlying securities and all rights in respect thereof, for valuable

consideration to SASF. Thus, SASF has the absolute right, title, interest and authority to recover

all the monies owned by the Borrower to IDBI and to enforce the securities created by the

Borrower in favour of IDBI. Therefore, for all the purposes, SASF stepped into the shoes of

IDBI.

2. SASF, vide its letter dated December 11,2009 forwarded its consent to IFCI, secured

lender of Telephone Cables Ltd. for taking action under SARFAESI Act. IFCI, with consent from

SASF and other secured lenders took possession of the assets of the Borrower on April 23, 2010.

Consequent upon, IFCI‟s assignment of its loans/dues to Alchemist Asset Reconstruction

Company Ltd., the lenders decided by consensus to request SASF to take over possession of the

said assets from IFCI and take lead in recovery action against the company under SARFAESI

Act. The lenders accordingly requested IFCI to handover the possession to the Authorised Officer

(AO). The AO, took possession of the assets from IFCI on August 30, 2012.

3. SASF issued a notice dated September 26,2011 under Section 13(2) of the Securitisation

and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

(hereinafter referred to as “the SARFAESI Act”) calling upon Telephone Cables Ltd. (hereinafter

referred to as 'the Borrower”), a Company registered under the Companies Act, 1956 having

Registered Office at S.C.O. 68-70, Post Bag -7, Sector 17-C, Chandigarh – 160 017 to repay the

amount mentioned in the said notice aggregating Rs.184,68,45,769 /- (Rupees One Hundred

Eighty Four Crore Sixty Eight Lakh Forty Five Thousand Seven Hundred Sixty Nine Only ) as on

30/6/2011 together with further interest and other expenses/cost thereon at the contractual rates

upon the footing of compound interest until payment/ realization within 60 days from the date of

the said Notice. Though the Borrower received the said notice, they failed to discharge their

liabilities in full.

4. Telephone Cables Limited (TCL) had created mortgage on the immovable properties and

engaged in the manufacture of Polyethylene insulated Jelly filled telephone cables at Mohali

(more particularly mentioned in page No.9) and TCL created mortgage charge to secure financial

assistance / loans availed from IDBI. Similarly, the Borrower has created first hypothecation

charge in favour of IDBI on the movable properties (more particularly mentioned in Page No. 10-

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12). Both the movable properties and the immovable properties are collectively referred to as the

„Secured Assets‟.

5. SASF has already obtained consent of more than three fourth in value of the Secured

Creditors viz. Kotak Mahindra Bank, IARC, Punjab & Sind Bank, Canara Bank and Reliance

Asset Reconstruction Company Ltd. having charge on the Secured Assets as envisaged under

Section 13(9) of the SARFAESI Act.

6. SASF, IARC (assignee of ICICI Ltd.) and Alchemist ARC (assignee of IFCI) have first

pari passu charge and Kotak Mahindra Bank (assignee of State Bank of Patiala and State Bank of

Bikaner and Jaipur), Punjab and Sind Bank, Canara Bank and Reliance ARC (assignee of State

Bank of India) have second charge on the secured Assets of the Borrower.

7. The total outstanding dues of the Secured Creditors as on September 30, 2009 (Recorded

date), as given below, is Rs.32081 lakh (Rupees Three Hundred Twenty Crore Eight one Lakh

only) together with further charges and other expenses/costs thereon.

(Rupees Lakh)

Sr.

No.

Institution/ Bank Principal

Outstanding

Interest Total dues

1 SASF 1894 11647 13541

2 IARC 853 4809 5662

3 Alchemist ARC 428 3325 3753

4 Kotak Mahindra Bank 1293 2210 3503

5 Punjab & Sind Bank 707 2185 2892

6 Reliance ARC 458 704 1162

7 Canara Bank 450 1118 1568

Total 6083 25998 32081

8. The AO of SASF , with the consent of other secured Creditors took over physical

possession from IFCI Ltd, the Secured Assets situated at Plot A-30, Industrial Focal Point, Phase

–VIII, SAS Nagar (Mohali), (Punjab), containing by admeasurement 1,25,840 sq yards in Dist.

Ropar, Punjab, on August 30, 2012 in the presence of Witnesses/Panchs, Valuer appointed for

the purpose of taking inventory of Secured Assets and valuation thereof, besides other officials of

SASF and other secured creditors (Kotak Mahindra Bank, Canara Bank , Punjab & Sind Bank,

IARC, Reliance ARC and Alchemist ARC) after complying with the due procedure established

by law. The AO after taking possession of the Secured Assets caused the inventory of the Secured

Assets prepared by the valuer on August 30, 2012. The AO published the possession notice as

required under the SARFAESI Rules. After taking possession, the AO has also engaged Royal

Enterprises, the Security Agency to protect and guard the Secured Assets located at the aforesaid

site.

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9. IDBI / SASF filed recovery suit against the company before Debt Recovery Tribunal,

Chandigarh, which is pending for adjudication.

10. Pursuant to the Possession taken by IFCI in April 2010, the company had filed

Securitisation application in DRT, before Chandigarh in May 2010, which has since been

dismissed.

11. The land is a leasehold land and is subject to the terms of Lease Deed dated December 2,

1987 executed between Punjab State Electronics Development and Production Corporation Ltd.

(PSEDPL) and the Borrower. As per the clause (x) of the Lease Deed, „The lessee shall not

transfer its /her/his rights in the site for a period of 15 years from the date hereof. After the expiry

of the said period , the lessee may be allowed by the Corporation to transfer, assign or to underlet

his rights in the site to any other person subject to the condition that 50%(fifty percent) of the

unearned increase shall be paid to the Corporation before registering such transfer, assignment or

under-letting. The unearned increase will be valued by the Managing Director or any other

authority which may be appointed by him whose decision shall be final and binding on the

lessee‟.

12. As per the clause (xi) of the Lease Deed, „Not withstanding anything contained in the

foregoing clause (x), the lessee shall be entitled to mortgage lessee rights to any Bank, Punjab

Financial Corporation or Life Insurance Corporation of India as security for a loan to be raised

from them for construction of factory building, purchase of machinery or of raw materials etc

after obtaining consent of the Corporation in writing to that effect. Provided further that where the

lessee for the purpose of constructing a building on the demised premises is to obtain a loan from

a bank or other Financial Institution by mortgaging his leasehold interest in the demised premises

in favour of such a bank or Institution, permission of the Corporation shall be deemed to have

been given subject to the following conditions:

(i) That such mortgage shall not affect the rights and powers of the corporation under this

lease deed

(ii) That the corporation before exercising its rights and powers of the corporation under this

lease deed will consult the bank or financial institutions concerned as the case may be.‟

13. The secured lenders sought Legal opinion with respect to their obligation to pay the said

“unearned increase” to the lessor Corporation. Considered legal opinion of the secured lenders in

the matter is as under:

i. The embargo of payment of the amount contemplated under clause (x) of the lease would

not be applicable to the lenders since that amount is required to be paid by the Lessee (the

Company) that too in a case of transfer, assignment or under letting.

ii. The action proposed by the secured lenders under SARFAESI Act would not be impacted

by the above clause as the same is in nature of distress sale and for recovery of dues which

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are in the nature of public money. Moreover a sale under the SARFAESI Act cannot be

termed as a sale for the motive of profit which is the underlying objective of Clause (X).

14. The Authorised Officer is of the view that the secured creditors are not impacted by the

above clause of the lease Deed. In case the above liability arises, the same would be addressed by

the Secured Creditors. Except the above the Secured Creditors are not liable for any other liability

of the Lessee.

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IV. Brief Description of the properties (as per the mortgage documents executed by the

company).

All leasehold rights of land within the Industrial Area at Plot A-30, Industrial Focal Point,

Phase –VIII, SAS Nagar (Mohali), Dist. Ropar in the State of Punjab containing by

admeasurement 1,25,840 sq. yards and bounded as under





together with all buildings and structures and sheds constructed and/or to be constructed thereon

and all the plant and machinery attached to the earth or permanently fastened to anything attached

to the earth or installed and/or to be installed /erected thereon and every part thereof

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V. Brief Description of the Movable properties of the unit at Telephone Cables Ltd

(As per the Deed of Hypothecation and inventory prepared by NITCON, Empanelled Valuer on

August 30, 2012 at the site.)

Sr No. Particulars Supplier‟s name Qty no. Year of Purchase

A Imported Machinery

1 120 mm Poly Sheathing Line Maillefer 1 1989

2 PJ filling and Polyal

Applicator

N.A 1 1989

3 High Speed repair Rewinder N.A. 1 1989

4 Tandem insulating Lines Mallifer 2 1989

5 Single Twinnner Line 1 1989

6 Group Twinning Line Kab Matic Nokia

Cable Machinery

2 1989

7 Cable Cutter N.A 1 1989

8 Process Reels N.A. 600 1989

9 Test equipment N.A. 1 1989

10 Drum Twister Krupp 1 1989

11 Thermal Analyzer N.A. 1 1990

12 Die Maintenance Equipment N.A. 1 1992

13 RF Generator N.A. 1 1992

14 Metal Tape Splicing Table N.A. 1 1992

15 Cable Testing Equipment N.A 1 1993

16 Printing Machine N.A 2 1995

17 Group Twinning Line Ceeco Canada 2 1995

18 Tandom Insulation Line

(new)

Maillefer 1 1995

(B) Indigenous Machinery

1 Steel Tape Armouring

Machine

N.A. 1 1989

2 1600 mm Rewinding

Machine

N.A. 1 1989

3 2500 mm Rewinding

Machine

N.A. 1 1989

4 Procees Reels

-Size 1220 & 1830 N.A. 82 1989

-Size 1400 -560-1000 N.A. 18 1994

-Size 1400-560-1000 mm N.A. 2 1995

-Size 1400-560-1000 mm N.A. 4 1995

-Size 2300-1300-1520 mm N.A. 2 1996

-Size 1400-560-1000 mm N.A. 4 1996

5 Rod Break down Machine

-9 mm to 2.5 mm wire CKW 6 1990

6 Annealer door assembly CKW 1 1997

7 6RA2232-3FG CKW 2 1997

8 EM3-440-008-AYM CKW 2 1997

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9 Armouring Head CKW 2 1992

10 Steel Tape Armouring –II 2 1992

11 Process Reels

-Size 1800-800-1250 mm N.A

-Size 1250-630-800 mm N.A 34 1992

-Size2200-1200-1500 mm N.A. 40 1992

12 PJ Jelly Filling AFA Industries 1 1995

13 Fork Lift

-3 Ton N.A 1 1989

-7.5 Ton and Poly pallet N.A 3 1991

14 Pallet Trucks

-Pallet Truck N.A 1 1989

-Pallet Truck N.A 1 1990

-3 Ton N.A 2 1993

-Hand Pallet truck N.A. 2 1995

15 Water Treatment Plant N.A 1 1989

16 Process Colling N.A Lot 1990

17 Bobbin Racks

-Bobbin Racks N.A 5 1989

-Bobbin Racks N.A. 2 1993

Bobbin dia 500 mm N.A 1 1993

Bobbin dia 500 mm N.A 135 1996

Plastic mould Bobbin N.A. 10 1995

Bobbin dia 500 mm N.A. 165 1996

Bobbin dia 500 mm N.A

18 Cable Rack & Trays

-Cable Racks N.A 5 1989

-Payoff Stand N.A 1 1993

-RBD Coil Stand N.A 15 1994

19 Fire Fighting Equipment N.A Lot 1992

20 Weigh Bridge

-Weighing Machine make N.A. 2 1989

-Weighing Machine Make N.A 1 1996

21 Power Hoist N.A 2 1989

Power Hoist N.A 1 1990



22 Workshop Equipment

-Efico Make drilling Machine 1 1989

-400 Amps Welding Machine N.A. 1 1992

-Gas Weiling Equipment N.A. 1 1996

-Power racksaw N.A. 1 1992

-Tower Lader N.A 2 1990

-Pullier N.A. 40 1990

23 Lab Equipment N.A. Lot 1993

24 AC DC Tongtester N.A 1 1997

25 Beacon N.A. 1 1997

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26 Electric Installations

ACB Panel and Earthing

strips

1 1994

-U.P.S. 1 1993

-Main Board 3 1991

-Cables 1 1989

27 Hand Moulding Machine N.A. 1 1998

28 DC Servo Motor N.A. 1 1998

29 152 mm Sheathing Line Maillefer 1 1998

30 Scrap Cutting Machine N.A. 1 1998

31 Jelly Filling Machine III N.A. 1 2000

32 80 mm Sheathing Line N.A 1 2000

33 Tandom Insulation Line

(III&IV)

Maillefer 1 2000

34 Welding Machine N.A. 1 2000

35 Milling Machine N.A. 1 2002

36 Screw Pump N.A. 1 2002

37 Lathe Machine N.A. 1 2002

38 Vaccum Cleaner N.A. 1 2002

39 Stripping Machine N.A. 1 2002

40 Sequential Marking Machine N.A. 1 2002

41 PF Filling & Polyal

Applicator

N.A. 1 2000

42 Test equipment N.A. Lot 2000

43 Printing Machine N.A. 1 2000

44 Bobbins N.A Lot 2000

45 Process reels N.A Lot 2000

46 Armouring Machine N.A. 1 2000

47 Group Twinning Line N.A. 1 2000

48 Drum Twister N.A. 1 2000

49 Rewinding Line-II N.A. 1 2000

50 Pay-off-Stand N.A. 1 2000

51 DG Set (without specification

about 300 KVA)

N.A. 1 2002

52 Air Compressor

(cannibalised)

ELGI 2

53 OCB GEC 1

54 Main Panel (Cannibalised)

55 Transformer (370 KVA) Hindustan

transformer Ltd

1 1997

13

VI A. Reserve Price The reserve price and earnest money fixed for both movable and immovable assets is

given hereunder:

(Rupees crore)

Property Description Reserve

Price

(Rupees in

crore)

Earnest Money

Deposit (EMD)

(Rupees in

crore)

Lot I - Leasehold land within the Industrial Area at Plot A-30, Industrial


admeasurement 1,25,840 sq yards in District Ropar, Punjab together with

all buildings and structures and sheds 173.74 17.37

Lot II – All buildings and structures and sheds within the Industrial Area at

Plot A-30, Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali),

(Punjab), together with all the movable assets situated / lying at above site. 4.75 0.47

Lot III - All the movable assets situated / lying at above site viz at Plot A-

30, Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali), (Punjab). 2.15 0.21

Lot IV - Leasehold land within the Industrial Area at Plot A-30, Industrial


admeasurement 1,25,840 Square yards in District Ropar, Punjab together

with all buildings and structures and sheds and all the movable assets

situated / lying at above site. 175.89 17.59

The Secured Assets proposed to be sold are charged to SASF, IARC, Alchemist

ARC, Kotak Mahindra Bank, Punjab and Sind Bank, Canara Bank and Reliance ARC for the

financial assistance / loans granted by them.

VI B: Outstanding dues of the Secured Creditors as on September 30, 2009

(Record date): (Rupees Lakh)


Outstanding

Interest Total dues

SASF 1894 11647 13541

IARC(Standard Chartered 853 4809 5662

IFCI 428 3325 3753

Kotak Mahindra Bank 1293 2210 3503

Punjab & Sind Bank 707 2185 2892

Reliance ARC 458 704 1162

Canara Bank 450 1118 1568

Total 6083 25998 32081

14

VII. Terms and Conditions

1. The Authorized Officer (AO) exercising the powers under the Securitisation and

Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with

Security Interest (Enforcement) Rules, 2002 is selling the Secured Assets mentioned in page

No(s). 9-12 herein and the same are being sold free from charges and encumbrances of only the

Secured Creditors, mentioned at page 6.

2. The Tender Document can be downloaded from SASF Website www.sasftrust.com from

Sept 8, 2014 to Oct 8, 2014.

3. The reserve price for Lot No. I, i.e. Leasehold land within the Industrial Area at Plot A-30,

Industrial Focal Point, Phase –VIII, SAS Nagar (Mohali), (Punjab), containing by admeasurement

1,25,840 sq yards in District Ropar, Punjab together with all buildings and structures and sheds is

Rupees Rs.173.74 crore, for Lot No. II, i.e. All buildings and structures and sheds together with

all the movable assets situated / lying at above site is Rupees Rs.4.75 crore, for Lot No. III, i.e.

plant & machineries situated / lying at above site is Rupees Rs.2.15 crore and for Lot No.IV, i.e.

Land and Building and and structures and sheds and Plant & Machinery at the above site is

Rupees Rs.175.89 crore. The aforesaid Secured Assets shall not be sold below the reserve price.

4. The interested buyers can inspect the Secured Assets, which are on sale, between 10:00 hours

IST to 16:00 hours IST at their own cost on Sept 15, 2014 and on Sept 29, 2014 in the presence of

a representative of the Authorised Officer (AO) available at the site to facilitate the inspection.

The interested buyers can inspect the documents regarding the charged assets at their own cost on

Sept 15, 2014 and Sept 29, 2014 in the presence of a representative of AO, after seeking prior

appointment from AO.

5. The interested buyers may submit their unconditional and unqualified bids in two separate

sealed covers to the AO so as to reach him not later than 17.00 hours on October 8, 2014. One

sealed cover containing a Demand Draft (DD) for EMD as indicated in the sale advertisement,

drawn on a scheduled Commercial Bank in favour of 'Stressed Assets Stabilization Fund' payable

at Mumbai as Earnest Money Deposit (EMD), which shall be superscribed “EMD for Property –

Lot I or Lot II or Lot III or Lot IV” (please specify any one of the lot number) and another sealed

cover superscribed with “Tender for Telephone Cables Ltd- Property – Lot I or Lot II or Lot III

or Lot IV ” (please specify any one of the lot number) containing the Bid Document and Tender

amount. In case, bids for Lot I+III are equal to the bid for Lot IV; preference would be given to

Bids for Lot IV.

6. The sealed Tenders will be opened by the AO in the presence of the interested buyers on

October 10, 2014 at 11:00 hours IST at IDBI Bank Limited, Conference Room, Videocon Tower,

1st Floor, E-1, Jhandewalan Extension, New Delhi, India -110055. Covers containing EMD shall

be opened first and only those tenderers will be permitted to remain present whose DD for EMD

are found to be in order. The amount of EMD will not carry any interest.

7. The second cover of only those tenderers will be opened whose cover containing EMD have

been found to be in order.

8. The AO may permit inter-se biding among the top three bidders. The tenderers shall have the

opportunity to increase their offers, in an open bidding manner.

9. The AO reserves his right to retain the EMD of top three tenderers up to three months from the


15

date of opening of tenders. The EMD of other tenderers will be returned on the same date.

10. The successful tenderer will be informed in writing about the decision of Secured Creditor by

AO as expeditiously as possible and will be required to deposit 25% of the sale price by Demand

Draft drawn in favour of Stressed Assets Stabilization Fund, Mumbai payable at Mumbai at the

time of the sale. The balance 75% of the sale price shall have to be paid within 15 days from the

date of intimation of acceptance of the bid/s or such extended period as may be agreed upon in

writing as per the directions of AO.

11. In case, the successful tenderer fails to deposit the 25% of the sale price, the tenderer shall

forfeit the EMD and the amount deposited, if any, and if the successful tenderer fails to deposit

the balance sale price, in full, within the stipulated period, then he/she shall forfeit the EMD and

the balance amount so deposited.

12. In the event of highest tenderer failing to comply with the payment terms, The AO reserves

the right to sell the Secured Assets to the second / third highest Tenderer in the above manner,

who shall also be treated as the successful tenderer mentioned in clause 9 above and further in

terms of this Tender Document.

13. The defaulting purchaser (earlier successful tenderer) shall forfeit all claims to the Secured

Assets or to any part of the sum for which it may be subsequently sold.

14. On confirmation of sale and upon the terms of payment have been complied with, the AO

exercising the power of sale shall issue a certificate of sale of the movable properties and a

certificate of sale of the immovable properties in favour of the purchaser in terms of the Security

Interest (Enforcement) Rules, 2002. The formats are attached to this document.

15. The possession of the immovable properties and movable properties shall be handed over to

the successful Tenderer on receipt of the entire purchase consideration.

16. The successful tender (s) for lot II consisting of buildings and plant and machineries and lot

III consisting of plant and machineries shall, if they have not acquired the land where such

building, plant and machinery are situated, remove/demolish the building, plant, machinery

acquired by them within 30 days from the date of payment of the balance amount of 75% of the

offer amount as stated in clause 10.

17. The sale of Secured Assets is on "as is where is” basis and “as is what is” basis and “whatever

there is” basis and “no recourse” basis. The description of immovable properties is based on the

mortgages created by the Borrower with the lender / secured creditor and the representations

made by them. The description of movable properties is based on the inventory prepared by the

valuer appointed by the AO. The AO does not take any responsibility for any shortfall of the

movable / immovable properties or for procuring any permissions, etc. or for the dues of any

authority established by law.

18. The interested buyers may carry out their own due diligence. They may also verify at their

own cost and in their own interest the area of land and details of movable properties and any other

relevant information before submitting the tenders. They may inspect the records relating to the

mortgage available with the AO on request. The AO/Secured Creditor shall not be responsible for

any discrepancy or shortfall in the Secured Assets.

19 The purchaser will be required to bear all the necessary expenses like stamp duty, registration

expenses, transfer of leasehold rights etc. for transfer of Secured Assets in his/her name or

nominees, at the discretion of AO. The purchaser of the movable assets has to discharge the tax

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liabilities, if any, without seeking any reimbursement from SASF.

20. The AO will be at liberty to amend / modify / delete / drop any of the above conditions as

may be deemed necessary in the light of the facts and circumstances and also to

withhold/defer/withdraw the auction without assigning any reason at any time during the process

of the sale.

21. A Tenderer shall be deemed to have full knowledge of the relevant documents, Secured

Assets etc. whether he/she inspects or visits or not.

22 The AO reserves the right to accept or reject any or all bids / tenders without assigning any

reasons. In case, all the tenders are rejected, AO can negotiate with any of the tenderers or other

parties for sale of the Secured Assets by private treaty.

23. All disputes arising amongst the parties shall be adjudicated according to Indian Law and the

Courts in Mumbai alone shall have jurisdiction to entertain /adjudicate such disputes.

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VIII. Annexures

Annexure I: Tender for purchase of immovable and movable properties of

Telephone Cables Limited

Name and particulars of the Tenderer :

Tenderer's Permanent Account Number (PAN) :

Tender amount : Rs.

Leasehold land within the Industrial Area at (Lot-I) : Rs.

Plot A-30, Industrial Focal Point, Phase –VIII,

SAS Nagar (Mohali), (Punjab), containing by

admeasurement 1,25,840 sq yards in District Ropar,

Punjab together with all buildings and

structures and sheds

for Building & Plant and Machinery(ies) (Lot-II) : Rs.

for Plant and Machinery(ies) (Lot-III) :Rs.

for Land, Building and Plant and Machinery(ies) (Lot-IV) : Rs.

Name and particulars of the person in whose name the assets are to be purchased:

Particulars of DDs:

Brief profile of the Tenderer / Purchaser:

I have read the terms and conditions of the Tender and have perused the relevant paper and have

carried out my own due diligence. In case any information is found to be incorrect, I shall not

hold AO or SASF responsible for the same and shall not have any claim against either of them.

Date:_____________

Place:____________

Signature of the duly authorized official of the Tenderer

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Annexure II: Earnest Money Deposit for purchase of immovable and movable properties of

Telephone Cables Limited

Name and particulars of the Tenderer :

Tenderer's Permanent Account Number (PAN) :

Earnest Money Deposit : Rs.

Leasehold land within the Industrial Area at (Lot-I) : Rs.

Plot A-30, Industrial Focal Point, Phase –VIII,

SAS Nagar (Mohali), (Punjab), containing by

admeasurement 1,25,840 sq yards in District Ropar,

Punjab together with all buildings and

structures and sheds

for Building & Plant and Machinery(ies) (Lot-II) : Rs.

for Plant and Machinery(ies) (Lot-III) :Rs.

for Land, Building and Plant and Machinery(ies) (Lot-IV) : Rs.

Name and particulars of the person in whose name the assets are to be purchased.

Particulars of DDs:

I have read the terms and conditions of the Tender and have perused the relevant paper

and have carried out my own due diligence. In case any information is found to be incorrect, I

shall not hold AO or SASF responsible for the same and shall not have any claim against them.

Date:_____________

Place:____________

Signature of the duly authorized official of the Tenderer.

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Annexure III: DECLARATION

(On Rupees 100/-Stamp Paper)

To Date:

Shri Zulu Jamir

Authorised Officer,

Deputy General Manager,

Stressed Assets Stabilization Fund,

5th Floor, IDBI Tower, Cuffe Parade,

Mumbai – 400 005.

I/We, the Tenderer/s aforesaid do hereby state that, I/We have read the entire conditions of the

Tender document and advertisement and understood them fully and have carried out our own due

diligence. I/We, hereby unconditionally agree to conform with and to be bound by the said

conditions. I/We further declare that I/We intend to purchase the Secured Assets situated at Plot

A-30, Industrial Focal Point, Phase –VIII, SAS Nagar,(Mohali), Dist. Ropar in the State of

Punjab containing by admeasurement 1,25,840 sq. yards from the Authorised Officer (AO) for

our own use / business and that the information revealed by me / us in the Tender document is

true and correct to the best of my / our belief. I / We agree that if any of the statement /

information revealed by me / us is found to be incorrect and / or untrue, the Tender submitted by

me / us is liable to be cancelled and the AO is at liberty to annul the offer made to me. In case our

Tender for purchase of Secured Assets is accepted by the AO of the Stressed Assets Stabilization

Fund (SASF) and I / We fail to accept the terms & conditions of the sale or am / are not able to

complete the transaction within the specified period for any reason whatsoever and/or fail to

fulfill any / all the terms & conditions of the Tender documents and the Earnest Money Deposit

and any other monies paid by me/us are liable to be forfeited and that SASF has also a right to

proceed against me/us for specific performance of the contract.

Yours faithfully,

(M/s. ……………………………….)

Signature of Tenderer

Name of Tenderer :

Address Office :

Residence :

Tel. No. Office & Res. :

Fax No. :

E-Mail address :

Mobile No. :

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Annexure IV: FORMAT FOR CERTIFICATE OF SALE

(FOR MOVABLE PROPERTIES)

Whereas

The undersigned being the Authorised Officer of the Stressed Assets Stabilization Fund, 5th

Floor, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005 under the Securitisation

and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in

exercise of the powers conferred under sub-Section (12) of Section 13 read with Rule 7 of the

Security Interest (Enforcement) Rules, 2002 has in consideration of the payment of Rs.

………(Rupees …………..) sold on behalf of SASF, IARC, Alchemist ARC, Kotak Mahindra

Bank, Punjab and Sind Bank, Canara Bank and Reliance ARC [hereinafter collectively referred

to as "the Secured Creditor"] in favour of ………..(purchaser), the following movable property

secured in favour of the Secured Creditors by M/s Telephone Cables Ltd. a company registered

under the Companies Act, 1956 having its Registered Office at S.C.O. 68-70, Post Bag -7,

Sector 17-C, Chandigarh – 160 017 and towards the Outstanding dues in respect of the financial

facilities as indicated below:

(Rupees Lakh)


Outstanding

Interest Total dues

SASF 1894 11647 13541

IARC(Standard Chartered 853 4809 5662

IFCI 428 3325 3753



Reliance ARC(SBI) 458 704 1162


Total 6083 25998 32081

extended by the Secured Creditors. The undersigned acknowledge the receipt of the sale price in

full and the delivery and possession of the items listed below has been handed over to the above

said purchaser.

Sd/

(Zulu Jamir)

Authorised Officer

Stressed Assets Stabilization Fund

Date :

Place : Mumbai

Encl: List of movable properties

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Annexure V: FORMAT FOR CERTIFICATE OF SALE

(FOR IMMOVABLE PROPERTIES)

Whereas

The undersigned being the authorised officer of the Stressed Assets Stabilization Fund, 5th Floor,

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005 under the Securitisation and

Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and in

exercise of the powers conferred under sub- Section 12 of Section 13 read with Rule 9 of the

Security Interest (Enforcement) Rules, 2002 sold on its own behalf SASF, IARC, Alchemist

ARC, Kotak Mahindra Bank, Punjab and Sind Bank, Canara Bank and Reliance ARC

[hereinafter collectively referred to as "the Secured Creditor"] in favour of ………(purchaser), the

immovable property shown in the schedule herein below secured in favour of the Secured

Creditor by M/s. Telephone Cables Limited, a company registered under the Companies Act,

1956 having its Registered Office at S.C.O. 68-70, Post Bag -7, Sector 17-C, Chandigarh –

160 017

And towards the Outstanding dues in respect of the financial facilities as indicated below:

(Rupees Lakh)


Outstanding

Interest Total dues

SASF 1894 11647 13541

IARC 853 4809 5662

IFCI ( Alchemist) 428 3325 3753



Reliance ARC 458 704 1162


Total 6083 25998 32081

extended by the Secured Creditor. The undersigned acknowledge the receipt of the sale price in

full and has handed over the delivery and possession of the schedule property. The sale of the

scheduled property was made free from all encumbrances of the Secured Creditors on receipt of

the full sale consideration.

Description of the Immovable properties

All leasehold rights of land within the Industrial Area at Plot A-30, Industrial Focal Point, Phase

–VIII, SAS Nagar (Mohali), Dist. Ropar in the State of Punjab containing by admeasurement

1,25,840 sq. yards and bounded as under





together with all buildings and structures and sheds constructed and/or to be constructed thereon

and all the plant and machinery attached to the earth or permanently fastened to anything attached

to the earth or installed and/or to be installed /erected thereon and every part thereof

Sd/

(Zulu Jamir)

Authorised Officer

Stressed Assets Stabilization Fund

Date :

Place : Mumbai