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World Bank barring it from securing contracts: Wipro

Global software major Wipro Technologies today admitted that the World Bank had barred it from securing its contracts from 2007 to 2011.
By HT Correspondent | IANS, Bangalore
UPDATED ON JAN 12, 2009 02:16 PM IST

Global software major Wipro Technologies on Monday admitted that the World Bank had barred it from securing its contracts from 2007 to 2011.

"The World Bank determined in June 2007 that Wipro would be ineligible to contest direct contracts from 2007-2011," the IT bellwether said in a notification to the stock exchanges.

As part of its revised disclosure policies, the company said that its inability to get business from the Washington-based bank would not adversely affect its business and results of its operations, as revenue from the development bank was insignificant.

"In 2000, as part of our initial public offering (IPO) of American Depository Shares (ADS) to our employees and clients in the US, our representatives made an offer to World Bank employees to purchase the shares at market price under the Securities and Exchange Commission approved directed share programme (DSP).

"The World Bank, however, directed the offer to the family members and friends of its employees. Though they purchased 1,750 shares for about $72,000 at the IPO price ($52.48), they signed a conflict of interest statement that purchasing the shares did not violate any ethics or conflict of interest policies," Wipro said in the notification.

"The programme 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," the notification added.

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