National Textile Corporation Limited (NTC Ltd) becomes the first Indian textile corporation to sign a Memorandum of Understanding (MoU) with Transparency International India (TII) for adopting integrity pact. The signing ceremony was attended by K V Chowdary, Central Vigilance Commissioner; Dr. S. K Panda, Secretary, Textiles along with other senior officials from Ministry of Textiles. The pact was prepared as per the guidelines issued by Central vigilance commission.
The MoU was signed by P C Vaish, Chairman and Managing Director, NTC Ltd on behalf of NTC Ltd and P S Bawa, Chairman, Transparency International India (TII) on behalf of TII.
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Dr. S. K. Panda, Secretary, Textiles said, “Vigilance is important for the health of any organization, more so in the public sector, since public money is involved. One should follow the rules and guidelines, and where any deviation is made in organizational interest, the rationale for such deviation should be recorded in writing.” He also highlighted the need for building strong systems, especially by the use of technology.
P C Vaish, Chairman and Managing Director, NTC Ltd said, “Signing of MoU was a momentous step and NTC desire to implement the integrity pact in over 95% of their contracts.
Integrity pact is a tool which ensures that all activities and transactions between a company or government department are handled in a fair, transparent and corruption free manner, prohibiting bribery or other unethical practices. These are closely monitored by Independent External Monitors (IEMs). National Textile Corporation Limited (NTC Ltd) also became the 51st Public Sector Undertaking (PSU) and 49th Central PSU to sign the pact.
