Rites Signs MoU for Integrity Pact

Rites Signs MoU for Integrity Pact RITES Ltd, a Government of India Enterprise under the Ministry of Railways entered into a Memorandum of Understanding (MOU) with Transparency International India (TII) to maintain complete transparency in major contracts and procurements. The MOU was signed by Mr.V.K.Agarwal, Managing Director (RITES) and Admiral (Retd) R.H.Tahiliani, Chairman Transparency International India in the presence of Mrs. Ranjana Kumar, Vigilance Commissioner, Central Vigilance Commission (CVC). Integrity Pact model is being followed by the Corporates worldwide as it binds a company and its suppliers to ethical conduct in contracts and implementation of projects. CVC has recommended adoption of this pact in respect of all major procurements. The pact will be monitored by the Independent External Monitors (IEM) who will provide an in-process integrity audit and conflict resolution mechanism to address to timely confusions, complaints and communication gaps. For RITES, business ethics is the foremost among the set of its core values which form a component of the employee evaluation and promotion criterion.

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