70. Auction procedure. The goods detained or seized , which have not been released or got released as per due process of law , shall be sold by public auction after following the procedure herein after provided:-      (i) The owner of the goods , shall have the first choice to re–acquire the goods on payment of tax, penalty or other dues for which the designated officer shall issue a notice calling upon such person to re-acquire the goods within the time specified in such notice and on such person’s failure to do so , the goods shall be put to public auction ;      (ii)  the auction ,shall be conducted by a committee comprising of three officers, i.e. Assistant Excise and Taxation Commissioner in charge of the district or Assistant Excise and Taxation Commissioner (mobile wing) or Assistant Excise and Taxation Commissioner (ICC) , as the case may be, and two Excise and Taxation officers ;      (iii) the  auction,  shall be conducted after the Assistant Excise and Taxation Commissioner or the  designated officer or the officer concerned certifies that the goods have not been got released even after the process of law has been completed or the goods are of perishable nature and need immediate disposal ;      (iv) the Assistant Excise and Taxation Commissioner in charge of the district , may fix a particular day  in a year for putting the goods seized or detained to auction and such date , shall be widely publicized ;      (v)  the Assistant Excise and Taxation Commissioner in charge of the district shall , cause to be published on the Notice-Board of his office, a list of the goods ,detained or seized and intended to be sold. The notice in prescribed Form VAT – 46, shall specify the place, day and time of auction. A notice of fifteen days shall be given before the sale by auction is to be conducted. A copy of such notice and list of goods,  shall also be displayed at one or more public places, Information Collection Centres and office of the Assistant Excise and Taxation Commissioner in charge of the district in which the goods were detained or seized and, if considered necessary, wide publicity of such auction , may be given in leading news paper(s). Before doing so , the Assistant Excise and Taxation Commissioner in charge of the district shall  , issue a notice in Form VAT - 47 to the owner of the goods ;      (vi) the intending bidders, shall deposit the earnest money equivalent to a sum amounting to ten percent of the estimated value of the goods before the commencement of the auction ;      (vii) the  auction proceedings shall be recorded in writing in Form VAT- 48 ;      (viii) where the  purchaser fails to pay the bid money, the goods shall be resold by auction at once and earnest money deposited by the defaulting purchaser, shall be forfeited to the State Government. The earnest money deposited by the unsuccessful bidders ,shall be refunded to them immediately after the auction is over ; and      (ix) the final bid ,shall be approved by the Deputy Excise and Taxation Commissioner in charge of the Division, if the auction money exceeds rupees fifty thousand.      (x) the auction–purchaser ,shall pay the sale value of the goods in cash immediately after the sale and he shall  not be permitted to carry away any part of the goods until , he has paid for the same in full and until  ,the sale has been confirmed by  the appropriate Authority mentioned in clause (viii) .      (xi) after receiving the amount by  the above said procedure , the goods shall be delivered and a receipt thereof shall be issued in Form VAT - 49.