Section 7 in The Collection of Entertainment Duty on Cable Television (including Entertainments Duty leviable or Direct-to-Home (DTH) Broadcasting Service) by Way of Public Auction Rules, 2003
7. Earnest money.
(1)The bidder shall pay alongwith the tender, a sum which shall be equal to 10 per cent, of the upset price, by way of earnest money in the form of [Demand Draft or Pay Order] [Substituted by the Collection of Entertainments Duty on Cable Television (including Entertainments Duty Leviable on Direct-to-Home (DTH) Broadcasting Service) by way of Public Auction (Amendment) Rules, 2004, dated 9th January, 2004.].(2)The sum of earnest money shall remain with the Collector for the period required to take a decision regarding acceptance of the tender or thirty days from the date of opening of the tenders, whichever is earlier.(3)In the event of his tender being accepted, subject to the provisions of sub-clause (4) below, the said amount of earnest money shall be appropriated towards the amount of security deposit payable by the bidder under general conditions of contract.(4)If, after submitting the tender, the bidder withdraws his offer, or modifies the same or if after the acceptance of his tender, the bidder fails or neglects to deposit the balance amount of security deposit, the Government shall forfeit the full amount of the earnest money deposited by the bidder.(5)In the event of his tender not being accepted, the amount of earnest money deposited by the bidder shall, unless forfeited under the provisions of sub-clause (4) above, be refunded to him.
