The public procurement monitoring office under the prime minister’s office has issued a notice. After recommendations from various agencies, 11 construction companies have been blacklisted.
Reason for blacklisting
These companies were blacklisted because they did not complete their construction work on time. This action was taken according to the public procurement act, 2063.
One of the companies on the list is Shree Steel.
The office will keep these companies on the blacklist for one to two years. During this time, they are not allowed to take on any new construction projects. Being blacklisted means the companies cannot take part in government contracts or bids. This hurts their chances to get work and damages their reputation. During this time, they are not allowed to start any new construction projects. This can also make investors lose trust, which might cause their stock prices to fall.
