SC dismisses Larsen & Toubro appeal in its lost bid for fast patrol vessels for Indian Coast Guard

The Supreme Court has upheld the Delhi high court ruling and dismissed the appeal of Larsen & Toubro in its lost bid for fast patrol vessels for the Indian Coast Guard. The government sent request for proposal to several parties, and L & T claimed its bid was the lowest. However, in its commercial and technical bids, it declared its intention to claim the benefit of ‘foreign exchange rate variation benefit’, without specifying which currency was the basis of the foreign exchange component. The contract negotiation committee concluded that the offer was non-responsive. The company w...