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Accusing Venugopal Dhoot-led Videocon Industries of indulging in fraud and corrupt practices in dealings with it, the World Bank has blacklisted the Indian company for three years, ending January 11, 2013.Videocon Industries Ltd has been barred from doing any business with World Bank for violating "procurement guidelines", for a period of three years, beginning January 11, 2010, a notification on the Bank's website said.When contacted, Videocon Industries chairman, Venugopal Dhoot told FE, "This matter dates back to 2003 when World Bank had floated a tender for some of its aided projects for air conditioners worth $50,000. While applying for the tender one of our junior clerks submitted a wrong document. We have taken disciplinary action against the official and represented our case with the World Bank, which is considering it. We have done no wrong and have no financial transaction with the World Bank". Asked when did the World Bank intimate the company about the ban, Dhoot said they were intimated about the matter first in 2005 and that's when the company took disciplinary action on its part but the intimation regarding the final ban came in February.However, despite being a listed company, Videocon has not informed about the development to the stock exchanges so far. To this Dhoot said, "Informing the matter to the exchanges in this case was not required because we have no financial transaction with the World Bank and neither do we intend to have". The World Bank had taken a similar tough line with Satyam Computer months before its founder chairman confessed to an accounting fraud.
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