Wednesday, May 5, 2010

Indian Company Videocon Industries has been blacklisted by World Bank

Yesterday, the World Bank (WB) barred Videocon Industries from doing any business with the bank for three years, beginning January 11, 2010, for violating procurement guidelines.

On the National Stock Exchange, the stock plunged 8.12% to a low of Rs 208.15.

The World Bank has included Videocon in the list of companies that are not eligible for contracts funded by it.

Videocon 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.






No comments: