Sunday, January 11, 2009

Wipro says ineligible for World Bank contracts



MUMBAI (Reuters) - India's No. 3 software company, Wipro Ltd, said on Monday the World Bank had determined in June 2007 the company would be ineligible for the bank's direct contracts up to 2011 citing a conflict of interest policy.

Wipro said its revenues from World Bank were insignifianct and the decision would not affect its business and results.

It said the announcement was being made now under revised disclosure policies.

HONG KONG (MarketWatch) -- Shares of Wipro (WIT:

26.35, +0.15, +0.6%) tumbled 9.5% in Mumbai Monday after the company said the World Bank had barred its software unit in June 2007 from participating in direct contracts from the lender between 2007 and 2011. Wipro said the company and World Bank were making the announcement under revised disclosure policies. Wipro, which also has a presence in personal products and lighting, said that in 2000, employees of the World Bank had purchased 1,750 shares of the company through Wipro's initial public offering in New York. The shares were valued at $72,000 at the IPO price, the company said. "All participants in the program signed a conflict of interest statement that their purchase didn't violate any ethics or conflict of interest policies of their company," Wipro wrote in a statement.

0 comments:

  © Blogger templates The Professional Template by Ourblogtemplates.com 2008

Back to TOP