World Bank debars three Indian firms
The World Bank has barred three Indian companies and one individual from participating in its projects, saying that they indulged in unacceptable practices while doing business with it in the country.delhi Updated: Oct 06, 2010 00:28 IST
The World Bank has barred three Indian companies and one individual from participating in its projects, saying that they indulged in unacceptable practices while doing business with it in the country.
Pharma firm Ambalal Sarabhai Enterprises Ltd, Mumbai-based Chemito Technologies, New Delhi-based Global Spin Weave Ltd and its director Sudhir Agrawal, have been banned from participating in any World Bank-financed or executed projects.
The debarments followed inquiries by the World Bank’s Integrity Vice Presidency (INT), which is responsible for investigating fraud and corruption in World Bank-financed projects.
World Bank said that Ambalal Sarabhai Enterprises and Chemito, which is mainly into purification solutions, have been debarred for engaging in practices violative of policies related to food and drugs capacity building project.
The two entities have been debarred for a period of three years starting from September 20, 2010, according to a recent World Bank statement.
Global Spin Weave and Agrawal were found to have indulged in fraudulent practices related to three World Bank-financed initiatives — Reproductive and Child Health project, National HIV/AIDS Control project and Malaria Control project.
The three companies will be “ineligible to be awarded contracts under any Bank Group-financed or Bank Group-executed project or otherwise participate in the preparation or implementation of such projects...,” the statement noted.
The ban on Global Spin Weave will be for three years while Agrawal would be debarred for a period of five years.
Both debarments are effective from September 20, 2010.