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 Wipro's Latest Updates - IT Problem Rises - Hot Updates!!!

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Join date : 2009-01-11

PostSubject: Wipro's Latest Updates - IT Problem Rises - Hot Updates!!!   Sun Feb 15, 2009 12:30 pm

Indian IT giant Wipro Techologies today disclosed that the World Bank had in 2007 determined the company to be ineligible to contest direct contracts from the Bank for four years, upto 2011.

In a filing before the BSE and NSE, Wipro said the discosure was being made in connection with the revised disclosure policies of the World Bank.

The Bank had also announced that it had barred IT company Satyam Computer Services for eight years and Wipro Technologies for four years for ''improper benefits to bank staff''.

In the disclosure Wipro said its representatives offered the Bank, through its Chief Information Oficer and Senior Staff, particiaption in the programme of
purchse of ADS at the IPO market place in 2000. The aggregate number of shares purchased from Wirpo by members of the family and friends of the
Bank staff was 1750 for approximately USD 72,000 at the IPO price. All participants in the programme signed a conflict of itnerest statement that their purchase did not violate any ethics or conflict of itnerest policies of their government.

Wipro said today the Wipro's revenue from World bank is insignificant. ''Our inability to get future business from the bank will not adversely affect our business and results of operations,'' the company added.
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