Mumbai: WPIL Limited has informed stock exchanges that it has received a letter from Madhya Pradesh Jal Nigam regarding some of its ongoing projects.
According to the company, the client has alleged that there has been a delay in completing certain contractual milestones in a few ongoing contracts. The company disclosed this information under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company barred from future tenders
As a result of the order, WPIL has been debarred from participating in any future tenders, bids or procurement processes of Madhya Pradesh Jal Nigam.
The restriction will remain in place until the ongoing contracts are completed and commissioned, or for a maximum period of three years, whichever is earlier.
No impact on current business
WPIL has clarified that the order will not affect its existing financial or operational activities.
The company said all its current business operations and ongoing projects will continue as usual. It also indicated that the order relates only to future participation in tenders issued by Madhya Pradesh Jal Nigam.
Legal options under review
The company said it does not agree with the allegations and is considering taking appropriate legal steps.
WPIL stated that it is examining all available legal remedies against the order and will decide its next course of action after reviewing the matter.
Disclaimer: This article is based on the company's stock exchange filing. Regulatory and legal developments may change as the matter progresses further.
