(a) All proposals submitted by a Bidding Consortium shall enclose a memorandum of understanding, executed by all consortium members setting out the role of each of the consortium members and the proposed equity stake of each of the consortium members with regard to a Project;
(b) The Lead Consortium Member of a pre-qualified Consortium cannot be replaced except with the prior permission of the Infrastructure Authority and which permission will be considered only in case of acquisition or merger of the Lead Consortium Member Company. Further, after a Bidding Consortium is selected to implement any Project, the Lead Consortium Member shall maintain a minimum equity stake of 26% for a period of time, as specified in the Sector Policy or the Concession Agreement;
(c) Replacement of other Consortium Members may be permitted, provided the same is not prejudicial to the original strength of Consortium as determined in course of the evaluation of original bid or proposal;
(d) Any change in the shareholding or composition of a Consortium shall be with the approval of the Infrastructure Authority.
25. The Government Agency or the Local Authority with the approval of the Infrastructure Authority will be entitled to treat the speculative or unrealistic bids as non-responsive and reject the same. By reason of any speculation or unrealistic bid or rejection of such bid, shall not necessarily lead to termination of the bid process. The Infrastructure Authority will prescribe the norms for determining the speculative or unrealistic bids.
26. Save as otherwise provided in the Act the Government, or the Government Agency or the Local Authority will not Treatment of Bid submitted by a consortium.
Speculative bids.
No negotiation on financial or commercial proposal.
[Act No.36 of 2001] 25 negotiate with the Bidder on the financial or commercial aspect of the proposal submitted by the Bidder.