Section 50 in Orissa Minor Minerals Concession Rules, 2004
50. Security deposit.
- In case the bid is confirmed and the total bid amount is deposited, the earnest money deposited, before the auction agreement is executed shall be converted to security deposit by depositing the same through Postal Savings Account duly pledged in favour of the concerned competent authority. Security deposit would be refunded after expiry of the auction period if the auction holder has fulfilled all conditions of assignment. If any of the conditions of assignment is violated, the security deposit may be forfeited in whole or in part by the competent authority.
