Steel producer Steel Authority of India Ltd (SAIL) today said it is strictly implementing a pact to prevent corruption in execution of contract orders valued at Rs 20 crore and above.
“The integrity pact was adopted by SAIL with effect from August 16, 2007, initially for all contracts valuing Rs 100 crore and above and the threshold value has been progressively reduced to Rs 20 crore. SAIL is one of the pioneers in implementing integrity pacts,” the company said in a statement.
The Central Vigilance Commission (CVC) has also advised all public sector undertakings to devise their integrity pact based on the SAIL model, SAIL said.
An integrity pact is an agreement between two parties — the principal and the vendor — not to resort to corrupt practices and is aimed at ensuring transparency, equity and fairness and preventing corruption in public contracting.
Earlier, SAIL Chairman C S Verma had held a meeting on September 4 with its independent external monitors, including former Central Vigilance Commissioner P Shankar, former Vigilance Commissioner Janki Ballabh and former Public Enterprises Selection Board Chairman A C Wadhawan, to oversee compliance with integrity pacts.
