Patel Engineering Ltd has informed BSE that:
"The Company had bid for Dhankuni Kharagpur project with National Highways Authority of India (NHAI) on Jan 10, 2011. On opening of the bids the Company was declared the lowest bidder. However, after opening of the bid, the Company realized that there was an inadvertent error during the estimation of the bid. The Company brought this to the attention of NHAI and formally requested for the withdrawal of its bid. Subsequently, the Dhankuni Kharagpur project was reopened within 5 days for bidding.
The article appearing in Financial Chronicle dated March 09, 2011 states that NHAI has banned the Company for five years for reneging on the awarded contract.
Further the Company has informed that, the said news is incorrect. As a matter of fact, subsequent to the abovementioned instance the Company has submitted the following bids with NHAI:
1. Krishnagiri Tindivaram - BOT (annuity) on February 22, 2011
2. Barwadda - Pannaagarh on March 08, 2011
Both the bids have been opened, which in itself is a clear indication that the Company has not been banned from participating in NHAI projects."
Sensex
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Sunday, March 13, 2011
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