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.
- Ashoka Buildcon JV Bags Rs 1,041-Crore BMC Flyover Project; Shares End 2.30% Higher
- WPIL Shares End 7.75% Higher on Order Win
- Biocon Launches Diabetes, Obesity Drug-Device in Netherlands; Shares Trade Flat
- Bharat Electronics Shares Trade Higher on Rs 776 Crore OrdersΒ
- Granules India Shares Slump Despite Securing EIR from USFDAΒ
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
