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Wipro Down by 10 percent as World Bank release Blacklisted Indian Company
- Filed under: Technology, adr
- Date: Jan 12,2009
We already know that Satyam is one of the blacklisted company by world bank and now two more indian company is there , one is Megasoft consultant which is not a listed company but the third copmpay is none other than Wipro Technology , its because Wipro kind of allowed some of the world bank employees to buy the ADR at the IPO price which it should have not allowed has made World bank to say that in June 2007 the company would be ineligible for the bank’s direct contracts up to 2011 citing a conflict of interest policy. But the Income that was out of World Bank is kind of eveyr small and it doesnt really affect the financials.
Here is the Statement released by Wipro on behalf of this to BSE.
