Pardon for not replying sooner, just got in.
The VeriSign COM NET Registry autorenews an expired .com domain and charges
the sponsoring registrar accordingly for it. However, the registrar has up to 45
days to ask VeriSign to delete its record and be refunded for it.
Some give a short "grace period" (e.g. Go Daddy's 12) while others can afford to
give a longer one (e.g. Network Solutions' and Moniker's 35). But no registrar is
compelled to give any at all, it's just a "courtesy" if they can afford it.
A popular practice among many domain registrars nowadays is to try to auction
an expired domain name successfully before deleting it within that 45 day period.
If the expired domain name isn't renewed within the registrar's grace period, the
registrar try to sell it and transfer its ownership to whoever made a "backorder"
or award it to the highest bidder after concluding an auction of multiple bidders,
or delete it after a few more days if no one's interested.
Most if not all registrars who auction expired domain names do state such as
policies or in their legal agreements. Network Solutions posted it somewhere in
their site, try to look under "deletion policy" (their page isn't loading for me as
of this post for some reason).
And of course, we domain registrants agree to all those terms the moment we
check the box beside something like "I have read the contract and agree to all
its terms." People will surely be taken by surprise (even get frustrated) when
they don't read the fine print and try to understand what they're potentially
I don't know who New Ventures is, but they are fully aware of Netsol's policy.
How they're able to determine which names are worth bidding and which are
not is anyone's guess.
Unfortunately it's Netsol's policy not to give any info whatsoever on who they
are. Then again, that's adopted by similar companies not to give client info to
any 3rd party without a court order.