Videocon moves World Bank for revoking 3-yr ban
Blacklisted by the World Bank for alleged corruption and wrong doing, Videocon Industries today said that it has moved a petition to revoke the ban.business Updated: May 04, 2010 21:49 IST
Blacklisted by the World Bank for alleged corruption and wrong doing, Videocon Industries today said that it has moved a petition to revoke the ban.
"We approached the World Bank in February, 2010, to revoke the ban ... after some hearings, we hope it will be
done," Videocon Chairman Venugopal Dhoot told PTI, shortly after the global lender's decision became public.
Dhoot said that the action came on account of some wrong information given by one of its employees in a tender in 2003 for supplying airconditioners worth about $50,000.
"We suspended that employee and took disciplinary action.
We have so far not supplied anything to the World Bank," he said, adding that given the size of the group this was not a
very significant order and his firms would not do anything wrong for securing any supply order.
After the tender documents were filed, the World Bank found the wrong information and they debarred the firm, he
In its notification, World Bank said Videocon Industries Ltd has been barred from doing any business with it for
violating "procurement guidelines", for a period of three years, beginning January 11, 2010.
It further said that the ineligibility might be reduced by up to one year, if after two years of ineligibility, the
Bank's Sanctions Board finds Videocon of having taken "satisfactory" remedial actions.