Earlier Satyam, Now Wipro and Megasoft

I just collected this news quote and wanted to share this as I just came to know about this.

Satyam, and now, Wipro Technologies and Megasoft, join the 300 companies that have been blacklisted by the World Bank since More Pictures
2000. The list includes four other India-based vendors.

GAP International (India), a corporate training firm, and an individual Surendra Singh whose identity could not be verified, have been permanently barred since 2001. The Bank banned Nestor Pharmaceuticals in 2007 until 2010, and Pune-based Pure Pharma until 2007.

IT companies came under the Bank radar as its procurement policy of 2006 included "allotment of shares" as grounds for imposing bans. The others have been banned for alleged malpractices in the tendering process.

"Wipro should have known that awarding shares to the staff while working with the Bank is against its regulations. However, the ban was imposed only after the policy came into effect in 2006," a World Bank spokesman told ET.

However, industry players say that offering shares for business is a common strategy to procure business. "It's an excellent business strategy whereby you need not forego your current cash flows. We have been following this strategy with clients but only at the corporate level as our biggest asset is ethics. It's also a very good strategy for startups," said KS Ananthanarayan, CFO Birlasoft.

P.S : Is smoothie there???

Its a common practice worldwide and nothing new either its been going on for ages..

Hmmm i wonder how many more co's are goin to be unlucky ....

Originally Posted by Admin

Its a common practice worldwide and nothing new either its been going on for ages..

It's been just one or two years now since I have been interested in the Business World. So, I'm not actually not so much used to these kind of happenings. And what about Infosys?
Aren't they going alright?