Satyam debacle not to impact IT industry: Wipro

Satyam debacle not to impact IT industry: Wipro
PTI
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First Published: Wed, Jan 07 2009. 07 23 PM IST
Updated: Wed, Jan 07 2009. 07 23 PM IST
New Delhi: With the developments in Satyam Computer unfolding shocking irregularities, Wipro Technologies, a NYSE-listed company, today said this incident is one of its kind and is unlikely to affect the industry.
“We are shocked by the recent news reports on Satyam, stating alleged multi-year misstatement of revenues.
“Wipro strongly condemns any attempt to mislead stakeholders. Global standards of corporate transparency are very high and we are confident that this is an isolated case and not representative of the IT industry,” Wipro Limited executive director and CFO Suresh Senapaty said.
He said a detailed investigation of this incident is urgently called for and needs to be undertaken by the authorities without delay.
Satyam Computer Services’ chairman and founder B Ramalinga Raju today resigned amid a scandal over inflated profit reporting. In his letter of resignation, Raju said Satyam, one of India’s largest outsourcing companies, had “inflated profits over a period of [the] last several years”.
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First Published: Wed, Jan 07 2009. 07 23 PM IST