Chennai: In response to the news item HC arbitration proceedings in Rs 140 crore deal published in DC on Friday, the Tangedco on Saturday clarified that it had made payment of Rs 120 crore and has given a notice of cancellation of contract to the company, claiming that the amount of Rs 140 crore alleged by Navayuga Infotech Private Limited in Madras high court are not the due payments.
The press statement also said that the private company had not completed the project within the committed time and was unable to provide System Requirement Specification (SRS) as per operational quality standards. Tangedco also claims that it had to also face a huge monetary loss of about Rs 413 crore due to company’s failure to complete the project. Subsequently Tangedco also invoked the Performance Bank Guarantee of Rs. 30.73 crore against the company, the release from Tangedco added.