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Kalpataru Power Transmission Ltd banned from participating in World Bank funded projects
Posted On : 2020-10-07 11:13:56( TIMEZONE : IST )
The World Bank Group on 6th October, 2020 announced a settlement with Kalpataru Power Transmission Limited ("KPTL" or "the Company") pertaining to the World Bank's position that the Company had failed to disclose intended payments to third parties when submitting bids in respect of two World Bank-financed projects in the years 2010 and 2012.
Under the settlement, KPTL and its controlled affiliates in transmission line business have agreed to sanctions due to which KPTL and its controlled affiliates in the transmission line business cannot participate in World Bank Group-financed projects and operations for a period of 12 months and 1 day, post which the World Bank will continue to monitor the compliance program for and the Company's continued cooperation with the World Bank Group Integrity Vice Presidency for the next five months, during which period KPTL and its affiliates in transmission line business may participate in such projects and operations. The settlement does not entail monetary penalty on KPTL and its affiliates.
As per the terms of the settlement, the Company has committed, among other things, to continue developing and enhancing an integrity compliance program consistent with the principles set out in the World Bank Group Integrity Compliance Guidelines.
The debarment of the Company and its controlled transmission line affiliates qualifies for crossdebarment by a few other Multilateral Development Banks (MDBs) under the Agreement for Mutual Enforcement of Debarment Decisions.
KPTL has order book visibility for next two years and the current sanctions will not impact the projects under execution. The Company does not see material impact on its operations and financial position due to the above sanctions.
The settlement does not impose any sanctions on JMC Projects (India) Ltd. and Shree Shubham Logistics Ltd. and their respective subsidiaries and joint venture company.
Shares of KALPATARU POWER TRANSMISSION LTD. was last trading in BSE at Rs.240.75 as compared to the previous close of Rs. 241. The total number of shares traded during the day was 18772 in over 676 trades.
The stock hit an intraday high of Rs. 243.4 and intraday low of 239. The net turnover during the day was Rs. 4525173.
