Videocon stopped 3 years from doing business with World Bank

The World Bank has blacklisted the Indian company Videocon for 3years, ending January 11, 2013 for indulging in fraud and corrupt practices in dealings with it. Videocon Industries has been barred from doing any business with the World Bank for violating “procurement guidelines”, for 3years, beginning January 11, 2010, a notification on the Bank's website said. The World Bank had taken a similar tough line with Satyam Computer months before the IT company's founder chairman confessed to an accounting fraud. The period of ineligibility of Videocon Industries extends to any firm directly or indirectly controlled by the sanctioned firm,” the World Bank said. 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. The list of debarred entities from India include two Kolkata-based firms B R & Sons and Hemant Tibrewal, and three Delhi-based entities — Om Prakash Jindal, Upasana Jindal and S M Scientific Instruments Pvt. Ltd. For more see the list in : www.worldbank.org/debarr/