Tuesday, January 13, 2009

World Bank ban on Wipro adds to gloom

IT major Wipro, which has been blocked by the World Bank to do business with it until 2011, said it could not see any major business impact evaluation study because of their efforts. "We would not expect any significant negative effect, economic mounted in any way, Wipro's Chief Financial Officer Suresh Senapaty said. Wipro Ltd. days reveals that the World Bank in June 2007 prevented from bidding on contracts to 2011. This development comes after the Bangalore-based IT - companies that offer American Depository shares at three World Bank employees in 2000.In a statement, the World Bank said it had decided to make public the names of all companies that are excluded from receiving direct contracts from the bank group in its corporate purchase program, and that this was due of fairness and openness.

Responses to the World Bank's work Senapaty said Wipro shares issued in October 2000, under the Direct Share Program (DSP) and per prospectus duly processed by the Securities and Exchange Commission. About the business sense of the possible impact on the company, "he said in Bangalore-headquartered company announced in a simple manner, and hoped that the media, analysts and investors will appreciate this. "It is better to communicate more than less." Earlier in the day, Wipro said in the revised disclosure guidelines in June 2007 the World Bank Wipro is determined to be ineligible to compete directly contracts from the World Bank for the period 2007 to 2011.

Wipro is the World Bank contract ban.
India's outsourcing industry is still reeling from $ 1 billion plus scandal plaguing satyam Computer Services, has received a blow on Monday when the World Bank said that it was forbidden Wipro Technologies from doing business with it. World Bank including Wipro, India's third largest information technology outsourcing company from a list of companies is prohibited under the bank's corporate procurement policy, accuse it of "giving false bank employee benefits." The message sent Wipro shares fall 9.6 per cent to Rs 226.60 Wednesday BSE today. Although the consequences of the decision is not material in Wipro earnings market circles questioned about why the company does not disclose this fact earlier.A Wipro spokesman told the Telegraph from Bangalore that the revenue from the World Bank was negligible, and that companies from banks during the past eight years, was less than $ 1 million.

World Bank ban on Wipro,

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