'No material effect on Megasoft due to World Bank debarment'
Megasoft limited, a product-based technology company, today said that there is no material effect on the company due to the debarment by World Bank.business Updated: Jan 12, 2009 16:10 IST
Megasoft limited, a product-based technology company, on Monday said that there is no material effect on the company due to the debarment by World Bank.
"Megasoft has had no business from World Bank sinsce 2004 and hence there is no financial impact on the company due to this announcement," a Megasoft release quoting GV Kumar, Managing Director and CEO of the company, said in Hyderabad on Monday.
Detailing further, Kumar said, "The World Bank approached us in 2007 seeking details about Megasoft's China Operations and we gave them all the details. We had by then even shut down our China operations. They objected to us having a joint Venture with an ex-employee of the World Bank and chose to debar us on that ground."
Megasoft has always maintained high levels of corporate governance and have made disclosures about all its operations including about Megasoft China, he said.
The company's focus continues to be on the mobile Telecom market for its products and solutions and on off-shore Application Development and Maintenance Services (ADMS). "It has constantly been reducing our on-site staffing business continuously like the one we provided for World Bank earlier," Kumar added.