# now WIPRO Banned by World Bank



## red_devil (Jan 12, 2009)

> <!-- .bwtextaligncenter {text-align: center} -->
> Wipro Technologies, the global IT services business of Wipro Limited (NYSE:WIT) today announced that in connection with revised disclosure policies, Wipro and the World Bank are disclosing that in June 2007 the World Bank determined Wipro to be ineligible to contest direct contracts from the World Bank for the period 2007 – 2011.
> In 2000, in connection with its Initial Public Offering (IPO) of American Depository Shares (ADS) in the United States, Wipro offered a commonly utilized and Securities and Exchange Commission approved Directed Share Program (DSP) that allowed employees and clients to purchase ADSs at the IPO market price. The Program’s objective was to involve employees and customers with the public offering to expand our recognition and brand. A majority of the shares sold under the DSP were allotted to our employees.
> Pursuant to this program, Wipro representatives offered the World Bank, through its Chief Information Officer (CIO) and a senior staff, participation in the program and they directed this offer to members of their family and friends. The aggregate number of shares purchased by them was 1,750 for approximately $72,000 at the IPO price. All participants in the program signed a conflict of interest statement that their purchase did not violate any ethics or conflict of interest policies of their company.
> To date, Wipro’s revenue from World Bank is insignificant. Our inability to get future business from World Bank will not adversely affect our business and results of operations.



SOURCE 

and 


> MUMBAI: Its just not Wipro. From an announcement on the World Bank website, there is one more Indian company (other than Satyam and now Wipro)
> that has been deemed ineligible to receive contracts from the World Bank. US based IT Service provider, Megasoft Consultants Ltd, which is an associate company of BSE listed Megasoft Ltd, have also been barred for four years since 2007.



Source

ah...now the fun begins


----------



## izzikio_rage (Jan 12, 2009)

ek aur???? india ka to band baj gaya international market me.....


----------



## din (Jan 12, 2009)

Hmm this is not good

First Satyam (of course their mistake), now Wirpo and many other Indian companies ....

Something serious is going on ..


----------



## Liverpool_fan (Jan 12, 2009)

This is disturbing...


----------



## rhitwick (Jan 12, 2009)

Heard from one of my WIPRO friend, the issue is that "World Bank" didn't renew Wipro's contract till the period (2007-2011).
Ajim Premji has mailed them that nothing to worry from it.


----------



## gforce23 (Jan 12, 2009)

Wow! Who's next? Infosys, TCS, Tech Mahindra or someone else?


----------



## mrintech (Jan 12, 2009)

*in.news.yahoo.com/137/20090112/738/tnl-world-bank-names-blacklisted-indian.html


----------



## confused!! (Jan 12, 2009)

dene wala jab bhi deta, deta chpad phaad ke


----------



## hsr (Jan 12, 2009)

^^^  BTW kids like us will have a gr8 problem in making new MNCs ...


----------



## victor_rambo (Jan 12, 2009)

rhitwick said:


> Heard from one of my WIPRO friend, the issue is that "World Bank" didn't renew Wipro's contract till the period (2007-2011).
> Ajim Premji has mailed them that nothing to worry from it.


And you think that Ajiz Premji is Satyavadi Harishchandra?


----------



## gforce23 (Jan 12, 2009)

victor_rambo said:


> And you think that Ajiz Premji is Satyavadi Harishchandra?



Ajim? Ajiz? Are they *Azim *Premji's brothers?


----------



## eggman (Jan 12, 2009)

gforce23 said:


> Ajim? Ajiz? Are they *Azim *Premji's brothers?



hahahahahahahahahahahaha

Good nitpicking


----------



## Faun (Jan 12, 2009)

lol...the game begins now


----------



## red_devil (Jan 12, 2009)

^ 

Time to play the game...


----------



## Kl@w-24 (Jan 12, 2009)

Looks like they are competing with each other in this field too!


----------



## red_devil (Jan 12, 2009)

^ and i think WIPRO is the winner here... they were banned from 2007 while SATYAM got banned from 2008 lol


----------



## utsav (Jan 12, 2009)

confused!! said:


> dene wala jab bhi deta, deta chpad phaad ke



lene wala jab bhi leta ,leta kapde phaad ke


----------



## confused!! (Jan 12, 2009)

^^


----------



## Ecstasy (Jan 13, 2009)

Woooo 1 more disaster. There goes Indian market reputation out the window...


----------



## Faun (Jan 13, 2009)

I mean in what way will it affect the current situation. I dont think Wipro will be in a dilapidated state as its just a discontinuation of contract.


----------



## bharat_r (Jan 13, 2009)

Bad... I've been placed in Wipro. Dont know what would happen for people like me.


----------



## Faun (Jan 13, 2009)

^^March 2009...lol


----------



## esumitkumar (Jan 13, 2009)

^^T u gng to join Wipro or not ?


----------



## red_devil (Jan 13, 2009)

so that makes it the 3 of us  

T, bharat and me lol


----------



## Faun (Jan 13, 2009)

esumitkumar said:


> ^^T u gng to join Wipro or not ?


Yeah, its payback time for me But I will make it another vacation there.


----------

