WIPRO and MEGASOFT banned by World Bank

In new year still we can't find any good news for IT sector. India’s third largest software exporter Wipro joined bribery-tainted Satyam Computer Services in a club of companies barred for four years from doing business with the World Bank on charges of offering improper benefits to the Bank staff.

Wipro Technologies was followed by Megasoft, the third Indian software vendor to have attracted the Bank’s ire, while non-IT vendors Nestor Pharmaceuticals and Gap International and an individual Surendra Singh were the other Indian entities to have faced debarment action by the Bank.

Yeah!...Wipro share's fell y'day....

Ineligible firms are:

Satyam Computer Services, Ltd.
Term: 8 years
Date: September 2008
Reason: Providing improper benefits to Bank staff and failing to maintain documentation to support fees charged for its subcontractors.

Wipro Technologies
Term: 4 years
Date: June 2007
Reason: Providing improper benefits to Bank staff

Megasoft Consultants Ltd.
Term: 4 years
Date:Dec 2007
Reason: Participating in a joint venture with Bank staff while also conducting business with the Bank.

well it looks like 2009 is not going to be very good for IT

Originally Posted by sb21pro

well it looks like 2009 is not going to be very good for IT

Yes, you are right. There wont be any hike/increment this year...
But no body will complain because they will be happy that they are employed & they have a job.

Originally Posted by Rameshjeee

Yes, you are right. There wont be any hike/increment this year...
But no body will complain because they will be happy that they are employed & they have a job.

ohhh ok !!

its like no one will say , i hav a job but i m unemployed

I'm glad I'm not in the IT industry...the medical field will rarely have these corporate problems...we have other issues