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2007 (9) TMI 409 - SC - Companies Lawwhether the criteria of objectivity stand satisfied in the present case? Held that:- Appeal allowed. Set aside the impugned judgment of the High Court & hold that REL/HDEC (Consortium) was erroneously excluded from the second stage of bidding process. There is a mix-up of two concepts here. The concept of non-compliance of financial criteria and the impact in future years on cash flow. As stated the very purpose of ‘cash flow reporting’ is to find out the ability of HDEC to generate cash flow in future and if an important method of cash flow reporting is kept out, without any reason, then the decision to exclude REL/HDEC, is arbitrary, whimsical and unreasonable. In our view, for non-consideration of the Reconciliation Method, under cash flow reporting system, the impugned decision-making process stood vitiated.
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