(I) The Board shall immediatelyafter itsconstitution either suo motu or on receipt of a request from any interested person give publicnotice of its intention to fix royalties for making cover version under section 31 C and mayinvite suggestions for determiningthe same.
(2) The notice under sub-section (I) shall be published by the Board in the OfficialGazette and the same to be re-published in two daily news papers having circulation in themajor part of the country and shall post the same on the website of the Copyright Office andthe Board.
(3)Any owner of copyright or any person involved in the business of making coverversion or any other interested person may within thirty days from the date of publication ofpublic notice under sub-rule (1) may give suggestions with adequate evidence as to the rateof royalties to be fixed includingdifferent rates for different works, Janguages,media andformats.
(4) The Board shaJI, after giving an opportunity of being heard to the persons whomade relevant suggestions under sub-rule (3), consider such suggestions, as it deems fit.
(5) The Board shall within a period of two months from the last date of receipt ofthe suggestions, determine the royalties payable to the owner of the copyright under subsection (2) of section 31 C .
The Board whiJe determiningthe royalty shaJJ take intoconsideration the folJowingfactors, namely: -
(a) the retaiJ price of the earlier sound recording;
(b) the prevaiJing standards of royalties with regard to Jiterary,dramatic or musicaJwork for making such recordings;
(c) the nature and cJass of the work, language, format and medium in which it is tobe sold; and
(d) such other matters as may be considered relevant by the Board.
(6) The Board may revise the rates of royalties periodicalJy,at least once in a year,keeping in view of the provisions of this rule.