Washington, Jan 12: Bad news for IT sector in India. When the shock waves of Satyam scandal is still lingering, one more bad piece of news is awaiting the techies in India. The World Bank has decided to bar India's No 3 software company Wipro Ltd and Megasoft Consultants from receiving any bank contracts.
The World Bank said on Sunday, Jan 12 that it would publish the names of all companies that would be barred from receiving bank contracts, and named three Indian firms. "There are currently three companies that (have) been debarred along with their affiliates under the Bank group's corporate procurement program," the bank said in a statement.
Those IT companies are: Satyam Computer Services for eight years, Wipro Technologies for four years for 'improper benefits to bank staff'. and Megasoft Consultants for four years for participating in a joint venture with bank staff while conducting business with the Bank.
Citing a conflict in interest policy World Bank had decided in June 2007 that our company would be ineligible for bank's direct contracts up to 2011, said Wipro on Monday, Jan 12. However, revenues from World Bank does not hold any importance to us and its decision would not effect our business, Wipro said.
OneIndia News (With inputs from Agencies)