World Bank has banned Videocon Industries for three years for providing wrong information in a tender. In the year 2003, the company has falsely represented some of the data in a tender document. For this reason, the World Bank has banned the company.

However, now the company is asking the Bank to revoke the ban in a recent petition filed.

Videocon Chairman Mr. Venugopal Dhoot has informed that there has been no transaction with World Bank in this period of time. He has anticipated that the Bank will take a lenient view on the issue. He has accepted that some wrong information was provided by the company mistakenly. The tender was for supplying air conditioners worth about $ 50,000.

Mr. Dhoot has also informed that one of the junior employees has provided the wrong information in the tender document. He was suspended after that. He has also clarified that the firm has never taken any financial assistance from the bank and not even a single transaction has been done with it. He has anticipated that after some hearing the Bank will lift the ban.