Videocon moves Bank

Blacklisted by the World Bank for alleged corruption and wrong doing, Videocon Industries today said it had moved a petition to revoke the ban.

“We approached the World Bank in February, 2010, to revoke the ban. After some hearings, we hope it will be done,” Videocon Chairman Venugopal Dhoot told PTI, shortly after the global lender’s decision became public. Dhoot said that the action came on account of some wrong information given by one of its employees in a tender in 2003 for supplying airconditioners worth about $50,000 (Rs 20 lakh).