Section 59(2) in The Jammu and Kashmir Panchayati Raj Rules, 1996
(2)The auction shall be concluded by Sarpanch or Naib-Sarpanch, Secretary and other three or more Panches authorised by the Panchayat and while closing the bid all such record their signatures on the bid sheet which should also invariably bear the signatures of the bidders. After the close of the bid the Panchayat shall announce by beat of drums and issue a notice indicating that the bid can be reopened within ten days of the close of the bid ; provided the bid is increased by 10% more in each case of the respective previous bid and display the same at least 5 conspicuous places in its area.
