World Bank puts red flag on Wipro and Megasoft
By siliconindia   |   Tuesday, 13 January 2009, 19:14 IST   |    10 Comments
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World Bank puts red flag on Wipro and Megasoft
Mumbai: Last month, the World Bank banned Satyam Computer Service from receiving any direct contact from it. But an announcement by the World Bank on its website, now reveals that apart from Satyam, Wipro and Megasoft Consultants have been deemed ineligible to receive any contract from the bank. The World Bank on Sunday said it plans to publish in the future the names of all companies it bans from doing work with it. "This change was made in the interest of fairness and transparency," the Washington-based bank said. Both Wipro and Ravindra Sannareddy founded IT Service provider Megasoft Consultants, which is an associate company of BSE listed Megasoft, have been barred for four years since 2007. The World Bank Group made public the names of all companies that have been debarred from receiving direct contracts from the Bank under its corporate procurement program, reported The Economic Times. While Wipro technologies was banned for providing improper benefits to Bank staff, Megasoft Consultants was banned for participating in a joint venture with bank staff while also conducting business with the Bank. News about the ban of Satyam Computer Services for eight years for giving improper benefits to bank staff was out in the last month. As per reports the Bank has changed disclosure norms late 2006 which placed all the aforementioned companies under tech scanner in 2007. The Bank has also said it will publicly list the names of companies debarred from its corporate procurement on a regular basis henceforth.

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