Cattle market bidder loses security deposit

The bidder earlier won bid of Rs150m for Pindi’s largest cattle market

RAWALPINDI:

The Rawalpindi Cantonment Board (RCB) seized the Rs5 million security deposit of a contractor, who won Rs150m bid to manage the largest livestock market at Bhata Ground for Eidul Azha, but failed to deposit the advance amount of Rs70.5m within the stipulated time on Tuesday.

The RCB administration is in the process of discussing with the second and third highest bidders and will decide on the final bidder on May 29.

The auction for awarding the contract for the cattle market for the sale of animals on Eid at Bhatha Ground was held at the RCB office on Tuesday. At the start of the auction, Malik Ghulam Mustafa along with his partners, made the highest bid of Rs150m for the contract, the second highest bid was Rs91m, and the third highest bid was Rs90m. In 2023, the contract for the cattle market was awarded for Rs89.5m.

The highest bidder was given two deadlines of 3pm and 6pm to deposit Rs70.5m as an advance. After he failed to meet the deadlines, the RCB officials forfeited his security deposit of Rs5m. Subsequently, after the bidder who offered 91 million rupees was removed from consideration, the third highest bidder proposed to the board that if the contract was awarded to him, he would be ready to deposit the entire amount of Rs90m in advance. The matter was deferred until May 29 for a final decision because of the public holiday on Tuesday (May 28).

RCB Executive Officer Syed Ali Irfan Rizvi said that the contract for the cattle market would be awarded according to the Public Procurement Regulatory Authority (PPRA) rules. Since the price of last year's contract was Rs.89.5m, this time the auction would be started from the reserve price, he said, adding the cattle market contract would only be awarded for an amount higher than the reserve price.

Published in The Express Tribune, May 30^th, 2024.