The Karachi Stock Exchange (Guarantee) Limited’s open auction
Karachi: Description of Properties:
(1) Membership of Lahore Stock Exchange in the name of MIS Khalid Javed Securities
(2) Lease hold rights of:- Room No.620 measuring 265 Sq.Ft Lease Rights held by M/S Khalid Javed Securities (Pvt) Ltd.
Auction will be held on 17-08-2011 at 1:00 p.m.
Auction Venue will be Auditorium situated at Mezzanine Floor, Lahore Stock Exchange Building.
Terms and conditions of auction
1. (I) Reserve price for the sale for the item No. 1 i.e. Membership will be sixteen million (Rs. 16,000.000/-). (II) /. (I) Reserve price for the sale for the item No. 2 i.e. Reserve price for the lease hold rights of Room No.620 will be three millions, (Rs.3,000,000/-). Total reserve prise will be nineteen millions (Rs.19,000,000/-). 2. Both bids will be held separately. 3. 25% amount of reserve price (earnest money) of the successful bid for both the items will have to be paid through Cash/Pay order Bank Draft in the name of Court Auctioneers. 4. The earnest money of the 2nd highest bidder shall also be retained till the finalization of the auction. 5. The highest eligible successful bidder will be required to make the payment of balance bid amount within 15 days of the auction is i.e. 01-09-2011. Failure to do so will result in confiscation of the earnest money advance and cancellation of the bid.
6. In case of non-payment of the balance bid amount or failure of the auction due to any reason Hon’ble High Court may order re-auction of the properties. 7. The Court Auctioneers shall have the right to defer the auction proceedings or the bidding in case of any failure or breach by the bidder. 8. The Court Auctioneers may reject any or all the bid without assigning any reason. 9. The persons desiring to participate in the bid of membership must meet the criteria as provided in the Articles of Association of Lahore Stock Exchange (G) Lahore. The persons desiring to participate in the bid of membership are also required to meet the criteria as laid down in the light of various directives of SECP.
The list of applicable rules and regulations is available from the Lahore Stock Exchange (G) Ltd office. 10. The confirmation of the bid/auction for membership will be further subject to approval of Board of Directors of Lahore Stock Exchange (6) Ltd. Under Articles 15, 16 and 103 and 103 of Articles of Association of Lahore Stock Exchange (G) Ltd. 11. The final approval/confirmation of the sale shall be given by the Hon’ble High Court which may approve or reject any bid or cancel auction without assigning any reason. 12. All charges in the shape of taxes, stamp duties etc.
And other expenses levied by the Federal/Provincial Government/Local Bodies or any other Government or Semi-Government departments or LSE pertaining to transfer of leasehold rights of room and transfer of membership shall be payable by the successful bidder. 13. Only Members of the Lahore Stock Exchange (6) Ltd. Will be eligible to participate in the auction for the lease hold rights of the room No. 620. 14. Copy of the terms and conditions can be obtained from the Court Auctioneers during office hours.
For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136