National Textile Corporation Limited (NTC) signs memorandum of understanding (MoU) with Transparency International India (TII) for adopting Integrity Pact (IP) in presence of K V Chowdary, Central Vigilance Commissioner; S. K Panda, textiles secretary, and other senior officials from textiles ministry.
Integrity Pact is a tool which ensures that all activities and transactions between a company or government department and their suppliers are handled in a fair, transparent and corruption-free manner. It prohibits any kind of bribing, favour or any other unethical practice, which is closely monitored by honorary Independent External Monitors (IEMs).
NTC became the 51st public sector undertaking (PSU) and 49th central PSU to sign MoU with TII. NTC Ltd desires to implement Integrity Pact in over 95 per cent of contracts. The Integrity Pact was prepared as per the guidelines laid down by the central vigilance commission.
P C Vaish, chairman and managing director, NTC Ltd signed the MoU on behalf of their organization and P S Bawa, chairman, Transparency International India signed on behalf of TII.
Panda, said that vigilance is important for the health of any organization, more so in the public sector, since public money is involved. He also highlighted the need for building strong systems, especially by the use of technology.
