This Blog helps in disseminating FREE information related to Stock/Share Markets (domestic and overseas), Finance/Investments & Current Affairs. The content of this blog is for information purpose only - not recommendations, to Buy or Sell Securities.
The data used here, is derived from the sources, deemed to be reliable, but their accuracy and completeness is not guaranteed. The author is not responsible for any loss in investments made, based on the inputs provided here - 28th May, 2006.
If you are into IT/Software Sector or say in any sector and can bring overseas contracts (or any domestic business related to the software sector), with a stress on Digital Marketing/Content Writing/Website Development/Reputation Management/SEO/SMM, etc, then you can join me as a partner or associate.
We will give you, the business development portfolio and pay you handsome amounts for your efforts. It does not matter, in which part of the world you are, as long as you can bring businesses. If you are interested, please send me at mail at: firstname.lastname@example.org.
Thursday, January 09, 2014
Court upholds selection of firm for ‘New KAVERI’ project While Tera Software had quoted Rs.165.2 crore, HCL Infosystems quoted the lowest, Rs.147.91 crore, for executing the project.
January 9, 2014: The Department of Stamps and Registration can now go ahead with its ‘New KAVERI’ project with the Karnataka High Court on Wednesday dismissing a petition questioning selection of software firm HCL Infosystems Ltd. for execution of the project.
Justice A.S. Bopanna upheld the acceptance of the bid submitted by HCL Infosystems while dismissing the petition filed by Tera Software Ltd., one of the bidders that had questioned the selection.
While Tera Software had quoted Rs. 165.2 crore, HCL Infosystems quoted the lowest, Rs. 147.91 crore, for executing the project.
New KAVERI (Karnataka Valuation and E-registration) project would have features such as allowing property owners to access their property details online and measures to prevent some frauds.
The project also includes tasks such as procuring, installing and maintaining the hardware, and developing software called ‘New Kaveri’.
The bids were invited in December 2012 by the Inspector-General of Registration and Commissioner of Stamps.
Tera Software had alleged that HCL Infosystems was selected though the company failed to disclose that it was “blacklisted” by the Rajasthan Commercial Tax Department and did not quote the amount for toners of printers and consumables.
HCL Infosystems, however, pointed out to the Court that the Rajasthan Commercial Tax authorities had taken the company off the blacklist on the intervention of the Rajasthan High Court and that the order of blacklisting was not in operation when the company submitted the bids.
Pointing out that courts cannot interfere in tender process when there were no elements of arbitrariness or loss to exchequer in the selection process, Mr. Justice Bopanna upheld the process followed for selection while observing that there was a huge difference in the bid amount.