Tea auctions in Kolkata were cancelled today after buyers raised a hue and cry over the new Tea Marketing Control Order (TMCO). Auctions were deferred yesterday as well.
Kiran Desai, chairman of Calcutta Tea Traders Association (CTTA), said buyers wanted the clarifications from the Tea Board on the new order to be signed by the Tea Board. But, the matter being subjudice, this was not possible.
However, CTTA gave the clarifications in writing. After auctions resumed this morning, a section of buyers caused pandemonium forcing cancellation of auctions.
Auctions were deferred on Monday as well as buyers wanted clarifications. Some of the clauses were being interpreted by different auction centres differently.
For example, in the divisibility clause, there were differences as to whether the divisibility premium should be taken as part of the tea cost or should be considered separately.
