WB disclosure results in -ve biz impact: Wipro

Written by: Super Admin
Subscribe to Oneindia News

New York, May 25: One of India's leading IT major Wipro on Monday, May 25 warned that its business could be 'adversely affected' due to the World Bank's (WB) disclosure four months ago that the 'Indian Company' was ineligible to work with.

Soon after the World Bank disclosure, Wipro has said in a regulatory filing on Jan 13, 2009, that its revenue from World Bank was insignificant and its "inability to get future business from World Bank will not adversely affect our business and results of operations".

However, in its latest communication to American shareholders and market regulator Securities and Exchange Commission (SEC), which is the company's annual report filing for the financial year ended Mar 31, 2009, Wipro has said that the negative publicity as a result of World Bank disclosure could adversely affect its business.

Wipro said, "The negative publicity resulting from this disclosure could cause existing and potential customers to alter their relationship with Wipro in a manner, which could adversely affect our business and results of operations."

World Bank 's debarment came into effect in Jun 2007, but was disclosed nearly one-and half years later in Jan 2009. WB had charged Wipro of providing improper benefits to the its staff, which was contested by Wipro.

OneIndia News

Please Wait while comments are loading...