Cancel Swiss Challenge Method

Hyderabad: YSR Congress has demanded that the Chandrababu Naidu government should shun from Swiss Challenge method in the capital formation to infuse transparency as the High Court has made some serious observations finding fault with the methodology adopted.

‘The observations made by the Court that the Swiss Challenge method has been faulty on numerous counts should be taken seriously and the State Government should go in for a fresh approach as the present procedure has been heavily loaded in favour of the Singapore companies,’ party MLA and PAC Chairman Buggana Rajendernath Reddy told reporters here on Wednesday.

‘Going the by meticulous exercise the TDP Government has taken up, it is very obvious that the Singapore companies are only a front for the local vested interests and the capital formation cannot be transparent under the faulty Swiss Challenge method,’ he said.

The Court has pointed out that the proposals and procedures were followed in reverse order and the officials lacked transparency and seriousness even while fixing the bidding qualifications. As the land belongs to the poor farmers the government should act as its custodian and trustee. ‘Chandrababu Naidu government has treated the Singapore companies like a pampered child and took care of them in all aspects by giving exemptions, making the terms and conditions tailor-made to suit them and drive away other competitors.

There have been many surprising and audacious clauses in the agreement as the State has to shell down nearly Rs 14,000 crores from its side to fulfill its part of the bargain and settle for just 42 % share while the Singapore companies would put in Rs 300 crores and walk away with 58 % stake and the status of a major partners.

‘It sounds ridiculous but that was the agreement as the Singapore companies are just a front of the vested interests with commercial interests,’ he said. In wake of the High Court observations, TDP government should put an end to the Swiss Challenge method and go in for a transparent bidding for the capital formation venture, he said.