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UCO BANK General terms and conditions for prospective bidders regarding sale of NPAs by the bank It is hereby informed that the last date to execute non-disclosure agreement and also to agree with General Terms and Conditions in this regard has been extended from 24th February 2007 to 26th February 2007.The interested parties will have to execute non-disclosure agreement with UCO Bank by 24th February, 2007 at the aforementioned address as also to agree with general terms and conditions stipulated in this regard, after which the details of the assets will be disclosed and inspection of documents will be allowed on ‘as is and where is basis’ at different branches for conducting due diligence. The prospective bidders who have executed non disclosure agreement may submit offer(s) for purchase of one/more assets on individual basis as well as on portfolio basis. The offer should be accompanied by stipulated non-interest bearing earnest money deposit of Rs.50 lacs, refundable to unsuccessful bidders. Offers will be evaluated for each asset separately or on portfolio basis as deemed fit by the Bank. All bids will be received by 4 p.m. on 15th March, 2007 and opened by the Asset Sale Committee in the presence of the bidders’ representatives on 16/3/07 at 12-00 hours. The Bank will announce the identity of the successful bidder(s) whose bid price is highest without disclosing the bid amount. Thereafter, the Bank, will negotiate with the successful bidders to consider revising the bid upward and then a negotiated settlement of price will be agreed. The Bank reserves the right to reject any bid without assigning any reasons whatsoever. The Bank also reserves the right not to go ahead with the sale without assigning any reasons. The Bank will issue to the successful bidder a letter in principle for the sale of the portfolio at the agreed price subject to the approval of the competent authority of the Bank. The selected buyers will be required to pay cash/security receipts by 29th March, 2007, failing which the deal will be deemed as cancelled. The Bank reserves the right to make any alteration in the time schedule given herein without assigning any reasons and without any prior notice. All Stamp Duty charges incurred in connection with the sale of NPAs will be borne by the interested parties. |
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