Wipro ineligible for contracts with World Bank till 2011

New Delhi, Jan 12 (PTI)India's third largest software
exporter, Wipro, Monday said it is not eligible to contest
direct contracts with the World Bank till 2011.
In June 2007, the World Bank had determined the IT firm
to be ineligible to contest direct contracts from the global
lender for the period 2007-2011, citing conflict of interests,
a Wipro spokesperson said.
To date, Wipro's revenue from the World Bank is
insignificant, a statement from the company said.
"Our inability to get future business from World Bank
will not adversely affect our business and results of
operations," it added.
In connection with the revised disclosure policies, the
company Monday disclosed its vendor status with World Bank.
In 2000, in connection with its IPO of American
Depository Shares (ADS) in the United States, Wipro offered a
commonly utilised and SEC-approved Directed Share Program
(DSP), which allowed employees and clients to purchase ADSs at
the IPO price.
The programme's object was to involve employees and
customers with the public offering to expand the recognition
and brand. A majority of the shares sold under the DSP were
allotted to Wipro employees.
Pursuant to this, Wipro representatives offered the World
Bank, through its Chief Information Officer (CIO) and senior
staff, participation in the program, the statement said.
All participants in the programme signed a
conflict-of-interest statement, saying that their purchase did
not violate any ethics or policies of their company.
However, the World Bank had determined in June 2007 the
company would be ineligible for the international lender's
direct contracts up to 2011, citing a conflict of interest
policy. PTI