Bharat Heavy Electricals Limited (BHEL) and National Thermal Power Corporation (NTPC) on Tuesday inked an ‘Integrity Pact’ with Transparency International Limited (TIL) and the Central Vigilance Commission (CVC) to ensure complete transparency in major contracts, tenders and procurements.
Terming contracts, tenders and procurement as a major source of corruption and political lobbying, Minister of State for Power Jairam Ramesh, who made this happen, said BHEL and NTPC had become the first power sector PSUs to sign such a pact indicating their resolve to deal with the menace of corruption. Complimenting the efforts of Transparency International and the CVC, the Minister said all the private companies, which were into public-private participation projects with PSU funding, should also be asked to enter into the Integrity Pact.
BHEL Chairman and Managing Director K. Ravi Kumar and NTPC Chairman and Managing Diriector R. S. Sharma signed the pacts on behalf of their companies, while TIL was represented by its Chairman, Admiral (Retd) R. H. Tahiliani.
The Integrity Pact model is being followed by corporates worldwide as it binds a company and its suppliers to ethical conduct in contracts and implementation of projects.
The CVC has recommended adoption of this pact in respect of all major procurements.
Mr. Ravi Kumar said BHEL was committed to fostering the most ethical and corruption-free business environment and valued its relationships with bidders, contractors and vendors.
ref:
http://www.hindu.com/2008/12/17/stories/2008121757011700.htm
Wednesday, December 17, 2008
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