India is turning the screws on PT. Hexing Technology and plans to black-list it from participating in any future government tenders, post the cancellation of a ₹344.47 crore smart meter contract.
This follows the Delhi High court’ decision on Tuesday to dismiss a petition filed by PT. Hexing Technology, seeking a stay on the encashment of its $4.08 million ( ₹30 crore) bank guarantee given to state run Energy Efficiency Services Ltd. (EESL), following the cancellation of its smart meter contract for supplying 1.5 million units.
In a related development, EESL also wants to return 9980 meters supplied by the firm, said to be owned by Hangzhou-headquartered Hexing Electrical Co in China.