Mini Ratna Category-I PSU, popularly known as MSTC limited, is an organisation regulated by The Ministry of Steel, Government of India, which is also the enterprise’s majority shareholder with a share of 64.75%. MSTC was initially instituted as “Metal Scrap Trade Corporation Limited”[1] in accordance with the provisions of the Companies Act, 1956, which was later transformed to MSTC Limited through the special resolution that was passed by the shareholders.
The process that is followed for a reason for MSTC E-Waste Auction –
- To bid only on the selected number of materials on e-auction, which are offered only on a consistent and continuing basis.
- Start an initiative to list the actual bidder of the item for permanent registration.
- Prior notice of e-auction events is directed by e-mail to the registered customers.
- E-Auctions of listed items are then held on pre-announced dates and times.
Some of the fundamental constituents of the MSTC E-Waste Auction are:
- MSTC provides the option of permanent authorisation to the bidders to make sure that facts about impending sale events have been conversed. The details given by MSTC to the participants of the bid are only connected to items of their choosing.
- Before the e-auction commences, either reserve price or floor price is delivered to the organisation by the stakeholder, also referred to as principle.
- While bidding, if the bidder puts a bid that is equal to or more than five times the current highest bid, a warning is displayed on his screen. Seeing the warning, the bidder is said to check their bid before finally submitting the bid.
- The auction continues even past the suggested closing hours until no bid is recognised for a fixed period that is 5 to 8 minutes depending upon the item.
Bidding is done by MSTC
MSTC or Metal Scrap Trade
Corporation Limited bid on the products, including: –
- Property Auction
- Non-ferrous Auctions
- Ms Barrels
- Iron Pellets
- Electronic Waste
- Ferrous Scrap
- Non-Ferrous Scrap
- Machinery Scrap
- Vehicle Scrap
- Rough diamond
- Forest products and timber
- Hazardous waste
- Coal
Modules used for MSTC E-Waste Auction
The key Modules available for MSTC E-Waste Auction are:-
- Price only bid (English Action)
- Price cum Quantity bid (Yankee Auction)
- E-trader cum e-auction/e-Trader
- Two-stage bid (Technical cum price)
- Simultaneous Multiple Round Ascending Auctions (SMRA)
- Book Building
- Swizz Challenge
Types of bidding
The bidding by MSTC is done through two bidding options: –
Straight bidding
Straight bidding is when the participant’s bid will be applied immediately at the exact amount he specified unless a higher bid exists.
Maximum Bidding
Maximum bidding, also known as proxy bidding, is for the participant to win the MSTC E-Waste auction at the lowest possible price through bidding on behalf of the leading bidder. The price is added till the maximum amount is reached.
Provided Rules and Regulations for Customers
- After the procedure for online and offline registration is completed, the password for the MSTC E-Waste auction is generated
- Once the password is generated, all the information regarding the upcoming bids will be communicated through his registered mail id
- While bidding on the live E-Auction floor, one must be very careful as the bid relating to decimals is not acceptable. For any default, the bidder will be held liable and responsible for the bidding done, including the errors. There will be no complaints that will be registered in this regard by MSTC
- While bidding, if the bidder puts a bid that is equal to or more than five times the current highest bid, a warning is displayed on his screen. Seeing the warning, the bidder is said to check their bid before finally submitting the bid.
- It is upon the bidder to personally see the end result of the MSTC E-Waste auction from the website, which will be displayed up to 7 days from the date of closing of the E-Auction.
Process of participating in MSTC e-waste auction
The process of an E-Waste auction involves both online and offline processes were first participants have to get online registration first and then proceed with the offline procedure.
The process involves: –
- The online registration is done through an online portal where the participant has to apply for a buyer registration form which contains the essential information and accepts general terms and agreement and buyer-specific terms and conditions.
- The participant also generate their unique ID
- After registration, the details of it will be communicated to the participant through their mail.
- After this, the further process of E-Waste auction has proceeded offline in which first, for the hazardous waste, the participants have to get authorised registration certificates from the State Pollution Control/Pollution Control Committee or the CPCB (Central Pollution Control Board).
- For completing the offline registration for the MSTC e-Waste auction, one has to submit the following documents:
- Permanent Account Number (Both original and photocopy- the submitted original will be submitted back to the participant)
- Recent Income tax return copy
- State and central sales tax registration certificate (Both original and photocopy- the submitted original will be submitted back to the participant)
- Registration fees
- Authorisation of the proprietor/partner verified by the bank on its letterhead
- Photo ID
- Attested Photocopy of authorised registration certificates from the Central Pollution Control Board and State Pollution Control Board
- Copy of E-Mail confirmation received from MSTC
Items not allowed on MSTC E-Waste auction
MSTC E-Waste auction does not allow
some of the items during its auction: –
- Sensitive Goods that are Copyright or Trademark-
- Counterfeit or Knock-Off Goods
- Items Subject to Embargo
- Hate Materials
- Live Animals
- Goods Made From Protected Animal/Plant Species
- Recalled Goods
- Hacking/Surveillance/Interception/Descrambling Equipment
- Cigarettes
- Illegal Drugs and Paraphernalia
- Prescription Drugs Medical Devices
- Body Parts and Bodily Fluids
- Stolen Products and Items Used for Theft
- Fireworks, Explosives, and Hazardous Materials
- Government IDs
- Police Items
- Stocks and Securities
- Gambling Items
- Services
- Individual Contracts
- Non-Transferrable Items
- Non-Packaged Food Items
- Weapons
Conclusion
The E-auction platform of MSTC (Mini Ratna Category-I PSU) is connected with various banks to provide a transparent E-Payment facility. MSTC has put in place a Global EMD management system for handling EMDs by design during the bidding process. The platform is also used as a customised platform for the sale of any product as well as services.
Read our Article:E Waste Auction Regulations in India: Explained
