Wipro took over 18 months to disclose its troubles with the World Bank that led ultimately to the bank banning it for providing improper benefits to its staff.
Se we asked Wipro a few basic questions like why the company had not disclosed the serious problems with the World Bank earlier, the names of the other clients to whom it offered IPO shares, how many shares were offered and the names of those who accepted the shares along with the number of shares accepted.
We spoke to Wipro twice today but the pansies at the company are too scared to respond to a few basic questions.
Makes us wonder what else Wipro Chief Azim Premji and his associates are hiding.
And to think that Wipro boasts about Unyielding Integrity on its web site. Talk is cheap, right?
Meanwhile, shares of Wipro were trading at $7.50, 8.54% lower on the New York Stock Exchange at 1:04PM EST today.
What Else is Wipro Hiding? added by SearchIndia.com on
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yes…as i told earlier…many more skeletons in the closet!
This whole thing about World Bank is very funny …
If a private concern comes up with these sort of disclosures …i can understand
Govt / Semi- Govt / (like World Bank / United Nations etc) have a lot of skeletons in their cupboard ….if they start singing ….then many companies as well as individuals associated with them will face disrepute …
Lets also accept here that improper benefits OR Bribe is a accepted way of doing business in today’s world …not just IT but for that matter …even in other industries ……Something of this sort will not have any impact on the clients …many of them i am sure indulge in all these things …
This is a lesson for all concerned …next time somebody of this variety demands a bribe ….either you walk away OR you should squeal first and bring down their reputation …
SearchIndia.com Responds:
You Write: Lets also accept here that improper benefits OR Bribe is a accepted way of doing business in today’s world …not just IT but for that matter …even in other industries ……Something of this sort will not have any impact on the clients
But in a jittery market, it impacts stock price. For instance, Wipro fell 10.37% to $7.35 on NYSE on Monday after the news came out.
SI,
Most of the indian companies does this to bag clients and they favor them with “gifts”.
Would that then mean all these companies will be black-marked? If that is the case, then most IT and IT related companies will be painted black over and over again.
SearchIndia.com Responds:
We just did a post on demand-side bribery in India.
Hope someone puts out a report on supply-side bribery.
“The UK tops list of firms and individuals debarred by World Bank from contracts financed … are among 111 entities banned by the bank for varying periods ….
http://www.hindustantimes.com/StoryPage/Print.aspx?Id=372fa12a-de7a-4452-9013-771b58d62a1f .
As Premji said – ” Its an accepted practice”
SearchIndia.com Responds:
Wonder if our desis are associated with any of the UK companies….wouldn’t be surprised.