Here's how you can participate in e-auction of Vijay Mallya's eight cars

The Supreme Court on Monday issued a notice to Vijay Mallya after he failed to disclose his assets to the consortium of banks. 

The apex court has asked him to respond within four weeks over the petition filed by banks.

Mallya who is currently in the UK, owes banks nearly Rs 9000 crore in dues. 

Looking to recover dues, SBICAP Trustee Company, State Bank of India's investment banking division on Sunday said that it will auction eight of Mallya's cars on August 25. 

It is already trying to auction Kingfisher logo, brand, etc to recover its money. 

The company issued a public notice for the sale of movable secured assets at Kingfisher House, in Mumbai through e-auction under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘SARFAESI Act’).

As per the notice by SBICTCL, "Authorised Officer hereby invites bids from general public for purchase of the below mentioned Movable Secured Assets through e-auction under SARFAESI Act and the Rules made thereunder on ‘AS IS WHERE IS BASIS’ AND ‘AS IS WHAT IS CONDITION BASIS’ for realization of outstanding dues".

Here are the details of each car up for auction:

1.Toyota Innova - 1 2,50,000 
2. Honda City ZX- 1 2,00,000 
3. Honda City Exi- 1 2,00,000 
4. Hyundai Zip Drive- 1 90,000 
5. Hyundai Elantra- 1 1,30,000 
6. Toyota Corolla- 1 2,20,000 
7. Honda Civic- 1 1,80,000 
8. Honda City EXI – 1 1,00,000 

A total of Rs 13,70,00. The e-auction will take place on August 25. The company has set bid increment amount of Rs 5000. 

The company is conducting the e-auction sale in association with the Income Tax and Service Tax Department.

Requirements for participating in bids:

--SBI Trustee said that to participate in the bidding process of the cars, the interested bidders will need to deposit 10% of the price quoted for every vehicle. The cars will be available for inspection on July 29 and August 5.

--The last day for registering a bidding spot is August 23. There's a registration charge of Rs 2,000.

--In the notice, the company said, "The intending purchasers / bidders are required to deposit EMD (Earnest Money Deposit) amount either through EFT/ NEFT/ RTGS Transfer in favour of:

A/c Name: SBICAP Trustee Company Limited
Beneficiary A/c No. – 32896535198
Bank - State Bank of India
Branch – Madame Cama Road Branch
IFSC Code – SBIN0008586

--As per the company's rule, the intending bidders should hold a valid Digital Signature Certificate issued by competent authority.

--Upon payment of the EMD, the bidder shall duly complete the online Bid Application Form available on the Website. Attaching with, his digital signature to the same, attach the proof of EMD payment to the Bid Form and submit the same on the Website along with scanned copies of KYC documents.

-- In case of joint bidders, an authorization letter signed by all the bidders authorizing actual bidder (one among them who is holding a valid Digital Signature Certificate) to submit the requisite documents and participate in the bid on their behalf should be attached to the Bid Form.