Tata Motors' plea dismissed by Supreme Court, faces setback in Mumbai electric bus tender
The contract, which was awarded to Evey Trans by the Brihanmumbai Electric Supply and Transport (BEST), had been a subject of contention for Tata Motors
- May 19, 2023,
- Updated May 19, 2023 1:17 PM IST
In a significant setback for Tata Motors, the Supreme Court delivered a ruling on May 19, dismissing the company's plea challenging its disqualification from a tender to supply 1400 electric buses to Mumbai.
The contract, which was awarded to Evey Trans by the Brihanmumbai Electric Supply and Transport (BEST), had been a subject of contention for Tata Motors. Unfortunately for the company, the court upheld BEST's decision, marking a major blow to Tata Motors' aspirations in the electric bus market.
The Supreme Court not only rejected Tata Motors' plea but also set aside a previous Bombay High Court order that had directed BEST to issue a fresh tender. This decision firmly reaffirmed BEST's authority in awarding the contract to Evey Trans, thereby dismissing any possibility of reconsideration or a new bidding process.
As of now, Tata Motors has not released an official statement regarding the court's decision. Investors and industry observers are keenly awaiting the company's response and any future course of action. At noon, Tata Motors' stock on the National Stock Exchange (NSE) was quoted at Rs 520.40, reflecting a 2.35 per cent increase from the previous close.
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In a significant setback for Tata Motors, the Supreme Court delivered a ruling on May 19, dismissing the company's plea challenging its disqualification from a tender to supply 1400 electric buses to Mumbai.
The contract, which was awarded to Evey Trans by the Brihanmumbai Electric Supply and Transport (BEST), had been a subject of contention for Tata Motors. Unfortunately for the company, the court upheld BEST's decision, marking a major blow to Tata Motors' aspirations in the electric bus market.
The Supreme Court not only rejected Tata Motors' plea but also set aside a previous Bombay High Court order that had directed BEST to issue a fresh tender. This decision firmly reaffirmed BEST's authority in awarding the contract to Evey Trans, thereby dismissing any possibility of reconsideration or a new bidding process.
As of now, Tata Motors has not released an official statement regarding the court's decision. Investors and industry observers are keenly awaiting the company's response and any future course of action. At noon, Tata Motors' stock on the National Stock Exchange (NSE) was quoted at Rs 520.40, reflecting a 2.35 per cent increase from the previous close.
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'Buying Netflix at $4 billion would've been better instead of...': Former Yahoo CEO Marissa Mayer
ChatGPT beats top investment funds in stock-picking experiment
For Unparalleled coverage of India's Businesses and Economy – Subscribe to Business Today Magazine