Breaking News

You are here » Indian-Commodity  :  Corporate  :  Punjab government terminates MSA with BLS International Services

31-Jan2018

Punjab government terminates MSA with BLS International Services

BLS International Services has received notices from the Government of Punjab regarding the termination of the Master Services Agreement (MSA). The agreement was terminated by Government of Punjab in view of their precarious financial position and their inability to pay dues as per their commitment. No deficiency in service on company's part has been reported for termination of the contract.

The company is engaged with the Government of Punjab regarding the process of closure of the contract, and the payment of dues over a period of next 6 months. The company is also in discussion with the Government to see the possibility of continuing the contract at a reduced scale.

In addition, the company is looking at an alternative delivery mechanism for various non Government services to the citizens of Punjab, and other States, to continue along its growth path.

BLS International Services provides outsourcing and technology services for governments and their diplomatic missions worldwide.




Related News

View all news

Gujarat Petrosynthese to invest surplus funds in mutual funds, bonds, securities, shares

Gujarat Petrosynthese has received an approval to invest surplus funds in mutual funds, bonds, securities, shares, inter corporate deposits etc. to optimize its returns. The Board of Directors of the Company......

Reliance's Retail Unit delivers record-breaking performance in revenue, profits during FY19

Reliance Industries' Retail Unit--Reliance Retail has delivered a record-breaking performance in revenue and profits growth for the year 2018-19. Segment Revenue for FY19 grew by 88.7% Y-o-Y to Rs 130,566......

Tata Sponge Iron reports 48% fall in Q4 consolidated net profit

Tata Sponge Iron has reported results for fourth quarter and year ended March 31, 2019.The company has reported a fall of 47.82% in its net profit at Rs 24.37 crore for the quarter under review as compared......

Top News

View all news

Bank of Baroda's board to consider issuance of equity shares of Rs 5,042 crore to Govt

Bank of Baroda's board is going to consider issuance of equity shares of Rs 5,042 crore to Government of India on a Preferential Basis. The meeting of the Board of Directors of the Bank is scheduled to......

Gujarat Petrosynthese to invest surplus funds in mutual funds, bonds, securities, shares

Gujarat Petrosynthese has received an approval to invest surplus funds in mutual funds, bonds, securities, shares, inter corporate deposits etc. to optimize its returns. The Board of Directors of the Company......

Reliance's Retail Unit delivers record-breaking performance in revenue, profits during FY19

Reliance Industries' Retail Unit--Reliance Retail has delivered a record-breaking performance in revenue and profits growth for the year 2018-19. Segment Revenue for FY19 grew by 88.7% Y-o-Y to Rs 130,566......