1/14/2009:Hours after it was revealed that the World Bank had banned Wipro from doing any business with it, the software major`s chairman Azim Premji wrote to over 1,00,000 Wipro employees that Wipro had done "nothing unethical."
Denying the global lender`s charges that Wipro had provided improper benefits to Bank staff, Premji said, "Let me reaffirm that Wipro was right, from a legal as well as an ethical standpoint. We believe what we did what was right, and we did it in the right manner."
In 2000, Wipro had provided World Bank staff the option to purchase its American Depository Shares at IPO price through a Directed Share Programme. However, the Bank in June 2007 determined that this was a case of conflict of interest. The WBdeemed the IT firm ineligible to bid for direct contracts from it for the period 2007-2011.
Premji`s statement asserted that WBstaff had been offered the shares under a plan approved by authorities.
Assocham too threw its weight behind Wipro, saying it had done nothing wrong.
Source:
http://www.3dsyndication.com/showarticle.aspx?nid=DNBAN2091
Denying the global lender`s charges that Wipro had provided improper benefits to Bank staff, Premji said, "Let me reaffirm that Wipro was right, from a legal as well as an ethical standpoint. We believe what we did what was right, and we did it in the right manner."
In 2000, Wipro had provided World Bank staff the option to purchase its American Depository Shares at IPO price through a Directed Share Programme. However, the Bank in June 2007 determined that this was a case of conflict of interest. The WBdeemed the IT firm ineligible to bid for direct contracts from it for the period 2007-2011.
Premji`s statement asserted that WBstaff had been offered the shares under a plan approved by authorities.
Assocham too threw its weight behind Wipro, saying it had done nothing wrong.
Source:
http://www.3dsyndication.com/showarticle.aspx?nid=DNBAN2091
