World Bank barred Videocon from doing business with it for three years

On Tuesday, the World Bank (WB) barred Videocon Industries from doing any business with the bank for three years, beginning 11 January 2010, for violating procurement guidelines.The World Bank has included Videocon in the list of companies that are not eligible for contracts funded by it.The firm was sent a letter of reprimand subsequent to an administrative process permitting the company to respond to the allegations, the World Bank said in its latest update of companies blacklisted for doing business due to fraud and corruption charges.

Readers can remember that earlier, Satyam Computers was banned by WB with the same charges.




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