The World Bank Group has declared a 20-month debarment of Ramky Enviro Engineers Ltd (REEL) as part of the Capacity Building for Industrial Pollution Management Project in India. The World Bank said in a statement on December 8 that the debarment makes REEL and its Managing Director M Goutham Reddy participate in projects and operations funded by the World Bank.
- Raymond Jumps 4% on Ex-BEL Chief’s Defence Appointment
- Supriya Lifescience Falls 12% on NDPS Act Proceedings
- Radico Hits Record High as Magic Moments Sales Soar 43%
- GK Energy Rallies on Rs 235.92 Crore Solar Pump Order
- Cupid Hits Fresh 52-Week High on Rs 128 Crore Block Deal
According to facts, REEL and its Managing Director had disclosed a subcontractor in 2014 when bidding for the contract of solid waste dumpsite at Ukkayyapalli in Andhra Pradesh, the World Bank said. “REEL also failed to get an approval of the contract and in 2017 faked the presence of this subcontracting contract to the World Bank. This conduct is a practice under the World Bank’s Procurement Guidelines,” it added.
Live
