Neha Dhamija
In an internal communication to employees, Wipro’s Azim Premji conveyed to the staff that the company has abided by the legal and ethical frameworks, on all grounds. This clarification came after the company was debarred from doing any business with the World Bank.
He also said that this action would not impact the earning potential of the organization.
World Bank discovered that the firm’s act of offering American Depository Shares at IPO price via a Directed Share Programme to the Bank’s staff was against the guidelines. It has been classified as ‘providing improper benefits to the staff’.
Other groups facing similar charges are Megasoft (which is also from IT sector) and Nestor Pharmaceuticals and Gap International (the non-IT players).
Both Wipro and Megasoft have been prevented to conduct any business with the bank for a period of four years, starting from June 2007 and December 2007 respectively.
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