Section 50 in The Karnataka Minor Mineral Concession Rules, 1994
50. Earnest money.
(1)The amount of earnest money to be deposited by a bidder shall be at the rate of twenty five percent of the total amount of minimum rate assessed for the minor mineral lot offered for auction sale.(2)Earnest money deposit shall be paid by the bidder through a demand draft drawn in favour of the authorised officer.(3)Persons intending to deposit and bid as agent of another person or company or firm shall produce before the authorised officer the power of attorney duly executed by such another person or executed on behalf of such company or firm and signed either by all the directors or partners, as the case may be.(4)Persons intending to deposit and bid as agents of Government undertakings shall produce before the authorised officer a letter of authority from the Head of such undertaking.
