Standard Chartered Private Equity has bought minority stake in Inox India, the cyrogenic storage and transport equipment manufacturer, for Rs250 crore
Businesses must refrain from adopting corrupt practises while obtaining government contracts, says CVC Pradeep Kumar
New Delhi: Citing US and British laws, Central Vigilance Commission on Wednesday said stringent provisions are being contemplated to punish companies which fail to do due diligence in preventing corruption, reports PTI.
"UK Bribery Act and the Foreign Corrupt Practices Act of USA have stringent provisions to punish companies which fail to do due diligence in preventing corruption. Similar provisions are being legislated in the Prevention of Bribery of Foreign Public Officials Bill in India," Central Vigilance Commissioner Pradeep Kumar said.
Highlighting the need to sensitise and build the confidence of the private sector in promoting integrity and healthy competition in public procurement, he said businesses must refrain from adopting corrupt practises while obtaining government contracts.
Inaugurating a two-day workshop on integrity in public procurement being organised by Transparency International (TI) in the capital, Kumar said companies should adopt an anti-corruption strategy.
The CVC said multiplicity of regulations, guidelines and procedures issued by several agencies often created "confusion and ambiguity."
"Complex, variable and ambiguous rules not only create opportunities for corruption but also increase the probability of their violation," he said.
Making a strong pitch for review of prevalent public procurement guidelines, Kumar said this needs to be done in the light of modern day concept of supply-chain management.
"No reform in the Indian public procurement system can be complete without the active role of private sector which has an equal stake in it. There is a need to sensitise and build confidence of the private sector in promoting integrity and healthy competition in public procurement," he said.
"Besides enhancing their reputation for honest business, corporates can ensure a cleaner and more sustainable market environment for future growth, the CVC said.
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