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[Cites 0, Cited by 0] [Section 9] [Entire Act]

Union of India - Subsection

Section 9(8) in The Mineral (Auction) Rules, 2015

(8)The technically qualified bidders shall be ranked on the basis of the descending initial price offer submitted by them and the technically qualified bidders holding the first fifty per cent. of the ranks (with any fraction rounded off to higher integar) or the top five technically qualified bidders, whichever is higher, shall qualify as qualified bidders for participating in the second round of electronic auction.Provided that if the number of technically qualified bidders is between three and five, then all the technically qualified bidders shall be considered as qualified bidders:Provided further that in the event of identical initial price offers being submitted by two or more technically qualified bidders all such technically qualified bidders shall be assigned the same rank for the purposes of determination of qualified bidders and in such case the aforementioned fifty percent. shall stand enhanced to the extent of tie occurring within the first fifty per cent.IllustrationIn the event there are total of ten technically qualified bidders, and each technically qualified bidder submits different initial price offer, then the technically qualified bidders holding the first fifty per cent. of ranks shall be considered to be qualified biddersIf three such technically qualified bidders submit the same initial price offer and are ranked in first fifty per cent. of the total numbers of ranks, then, all the three technically qualified bidders shall be considered to be qualified bidders and the total number of qualified bidders shall stand increased by two