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World Bank action will have no impact on business: Wipro

World Bank action will have no impact on business: Wipro
PTI
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First Published: Mon, Jan 12 2009. 07 45 PM IST

Updated: Mon, Jan 12 2009. 07 45 PM IST
Bangalore: IT major Wipro, which has been barred by the World Bank from doing business with it till 2011, said it did not see any major business impact due to the Bank action.
Also Read Wipro chief Azim Premji’s letter to his employees (PDF)
“We would not expect any significant impact adversely, financially, overall in any manner”, Wipro’s Chief Financial Officer Suresh Senapaty told PTI here.
“The business that we did with the World Bank is very insignificant,” Senapaty said. “Since the year 2000, we did business much less than one million in aggregate with the World Bank”.
Reacting to the World Bank’s action, Senapaty said the shares issued by Wipro in October 2000 was in pursuant to the Directed Share Programme (DSP) and as per the prospectus duly reviewed by the Securities and Exchange Commission.
“We think we have followed the procedure as has been envisaged in our prospectus,” he said.
On the possible business sentiment impact on the company, he said the Bangalore-headquartered firm communicated in a transparent manner and hoped that the media, analysts and investors would appreciate this. “It’s better to communicate more than less.”
Earlier in the day, Wipro said in connection with the revised disclosure policies, in June 2007 the World Bank determined Wipro to be ineligible to contest direct contracts from the World Bank for the period 2007 - 2011.
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First Published: Mon, Jan 12 2009. 07 45 PM IST