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IT company Allied Digital Services today said state-run telecom company MTNL has revoked blacklisting order against the firm with immediate effect.
“The blacklisting order was issued by MTNL without any specific reason in relation to a bid submitted by Allied to MTNL almost two years ago...MTNL issued a letter revoking the order with immediate effect,” Allied Digital Services said in a statement.
It added that the ensuing blacklisting denied Allied the opportunity to win a prestigious project where it was the L1 and the most competent technical bidder.
“The opportunity cost of losing out on this prestigious project was as high as Rs 840 crore,” Allied said.
Following the blacklisting order, Allied represented their case to Independent External Monitors (IEM) that the order was based on wrong premises, against natural justice and violated several norms and defined procedures.
“The blacklisting decision was also challenged in the High Court by the company. After looking into the case, MTNL issued a letter revoking the order with immediate effect,” Allied said.
Shares of the company today closed flat at Rs 14.85 a piece on the BSE today.
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