https://www.taxtmi.com/caselaws?id=752281 The SC upheld disqualification of two bidders from a tender process. The first bidder was disqualified for failing to submit explanatory notes with their balance sheet, which the court held are integral parts of balance sheets under the Companies Act. The second bidder was disqualified for requesting dilution of tender clauses that the technical committee deemed non-feasible. The SC overturned the HC's decision to allow these bidders, clarifying that balance sheets must include explanatory notes for proper understanding. The matter was remanded with direction that both disqualified entities cannot participate unless they meet tender requirements. en-us Tue, 16 Apr 2024 00:00:00 +0530 Tue, 07 May 2024 08:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752281 The SC upheld disqualification of two bidders from a tender process. The first bidder was disqualified for failing to submit explanatory notes with their balance sheet, which the court held are integral parts of balance sheets under the Companies Act. The second bidder was disqualified for requesting dilution of tender clauses that the technical committee deemed non-feasible. The SC overturned the HC's decision to allow these bidders, clarifying that balance sheets must include explanatory notes for proper understanding. The matter was remanded with direction that both disqualified entities cannot participate unless they meet tender requirements. Case-Laws Companies Law Tue, 16 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752281