Section 7(2) in Gujarat Minor Mineral Concession Rules, 2017
(2)Second Round of Auction. - The second round of auction shall be held in the following manner:-(a)the highest initial premium offer amongst the qualified bidders shall be the floor premium for the second round of the electronic auction;(b)the qualified bidders may submit their final premium offer which shall be a percentage of the value of mineral despatched and greater than the floor premium:Provided that the final premium offer may be revised till the conclusion of the auction as specified in the tender document;(c)the auction process shall be annulled if none of the qualified bidders submits a final premium offer on the online electronic auction portal;(d)the qualified bidder who submits the highest final premium offer shall be declared as the "preferred bidder" immediately on conclusion of the auction.
