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The action was initiated against these entities and individual as they were found to have "violated the fraud and corruption provisions of the Procurement Guidelines or the Consultant Guidelines," besides offering improper benefits to Bank staff.
Megasoft became the third Indian software vendor to have attracted the Bank's ire, while Nestor Pharmaceuticals and Gap International were non-IT entities. An individual Surendra Singh was barred from doing business with the Bank for violating guidelines.
While Wipro was barred for four years beginning June 2007 for "providing improper benefits to Bank staff", Megasoft barred for an identical period beginning December 2007 for "participating in a joint venture with Bank staff while also conducting business with the Bank."
In a statement late last night, the World Bank said that it decided to "make public the names of all the companies that have been debarred from receiving direct contracts from the Bank group under its corporate procurement programme.
"This change was made in the interest of fairness and transparency... From now on the Bank group would publicly list names of companies debarred from its corporate procurement."
Commenting on the World Bank action, Wipro said in a statement this morning: "Our inability to get future business from World Bank will not adversely affect our business and results of operations."
Megasoft officials too said that the debarment will not have no revenue implication for the company.
Earlier, Satyam, which was debarred for eight years beginning September 2008, had demanded an apology for making public its name and withdrawal of what it called "inappropriate" statement by the Bank. The Bank had refused to apologise.
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lage raho india......i think the punishment should be given to only that person who had done this whole fraud.why overall company or other companies will suffer ,at least world bank has to think about the other employs who r working in these big companies.this not the right justice ,world bank has to give answer of this also that where does these employs will go.............
If a person can do this small fraud then.. what else is left it can be easily possible his books are also cooked??It is like you own a bank and you start giving the other employees some shares without telling the main management this is fraud in real terms.This time the world bank has named them why otherwise just like satyam fiasco ..work bank distanced from them too late.
Wow!! Char chand laga diye desh ke nam ko. when will Indian industrialist improve? Do they think whole world is greedy like them and Indian politicians and bureauecrats?
Don't blame World Bank for doing what a lot of major corporations should have done long time ago. This is not to say that those majoe corporations have innocent snowwhite fairies wroking there. The managements at various levels in thos companies have equally participated in these corrupt practices. Of course Indian ethics and morals are non-existent and have brought this cancer of corrpution to the west in all aspects of life, in the same way that it is present all across India in all aspects of life. So, Indians must do a lot of introspection and see where their ethics and moral are and clean up their act, if not for this life but to face the conesuences of their Karma.
All the IT Giants have belittled India in the eyes of the world. This is right time for India Inc to wake up and do introspection.
IS WORLD BANK IS COMMON FOR ALL WORLD? WHERE IS IT LOCATED, IN OUR WORLD OR SOME OTHER WORLD?. WHAT IS WIPRO AND WHAT IS IT. THEY CAN BAN COCKROACHES WHICH CAUSE MAXIMUM PROBLEM IN INDIA AND DUBAI
It is not time to find if there is anybody else who is wrong, but to search if we are wrong and if so where is the path for correction. I am ashamed to know that wipro has given in their statement " our business with WB is very small compared to the overall business and we are not affected by such action by WB" They have refrained from saying anything about the the basic finding of WB that WIPRO is corrupt. Will WIPRO stand tall and say to the world that they are pure and they have not engaged in such malpractices. Will Mr Premji talk openly to say that they are a company who would never cut corners to do business. I am happy that out of all these mudslinging a time has come that only the best in coporate governane can 'survive',no...., 'exist' in the coming decades.
why only one party gets affected when curreption takes place ,World bank must expose those also who took the benefit on the other side also.Curreption is deep rooted every where in all business world.
Satyam has opened the Pandora's box. And Infosys Q3 results are out on 13th Jan. Are we in for more entertainment?
I think media and public should not go overboard. What Ramalinga Raju has indulged is what several large banks in US had indulged. How many CEOs have been jailed US ? On the other hand US and West are supporting these companies financially. There are several people who are jelous of India's IT succuss. They would like to blow up this one incident out of all pro[portions to acheive their self interests. Media should learn a lesson from recent Bombay incidents when their live coverage was being watched by the handlers of terrorists who were being passed on intimate details on phone. Media going ga ga over Malegaon gave Pakistan a window of opprtunity to blame all terrorisam in India is indegenous. Let the law take its own course. Let us not jump into conclusions before enquiry is over. Let us not unwittingly give a handle to India's enemies to beat us with
It appears some undesirable profiles have crept into world bank system who are targeting Indian IT companies under one pretext or the other. The potential damage this can cause should be studied in detail and necessary action should be initiated against these officials who could be doing for the sake of some ulterior motives. Else how do we explain the actions of World Bank. It is better to make public the profiles of WB team and India should investigate as to what is up ?
Rubbish. Our skills in such areas can be traced to ancient times. It is surprising we are not being paid anominal royalty for the modus operandi.
World Bank stint is to make money for the officers in the shortest possible time. I'm sure a new officer has come on board and he's hungry for kickbacks. So, the easiest way is to get existing vendors out on some pretext so that he can take kickbacks from the new vendors. A very common practice in the Western world.
Yaar it is because of our own mistakes.Our own company [not WB] have acknowledged about the fraud and we are blaming others.Why don't we can't faced the truth as a nation instead of saving our own corrupt people who let our heads down in the world.
The real truth is this. New managers have come on board in World Bank. They demanded their kickbacks. The new vendors agreed to this. So, they throw out the existing ones using fraud as an excuse. The new managers in World Bank would be out in 3 years. Then, these new vendors will become fraud so that the new managers make their cut. This cycle will go on. THE REAL FRAUDSTERS ARE THE MANAGERS OF WORLD BANK WHOSE AIM IS TO MAXIMIZE MONEY WITHIN THE SHORTEST TIME POSSIBLE.
Stupid analysis.Here the Satyam management have there self acknowledge they have done fraud and we are doing the blaming on foreign to hide our own mistakes.[Like in mumbai attack it is the total failure of our all security agencies]Why don't we acknowledge our own mistakes and First try to correcting ourselves rather then hiding our faces in sand like ostrich.Lets first punish our corrupt agencies who let the scandal like satyam happens then to blame other
Why it could not be US politics to bring such news to the world? This way US may get many projects...Ofcourse corruption in Indian firms can not be ruled out, but then i doubt if there many companies with really clean slate.
We cannot say that the World Bank has suddenly found some corruption! Now US companies have job loses; so they want some scapegoats! There will be no US company who don't give bribe or some kind of gift! Still, we better understand and behave!
Yes lets face the reality, we don't deserve to be praised as a nation, we're currupt and thats the truth.
The world need to acknowledge the atrocities of the Indian companies which are aspiring to be Global Leaders with poor corporate governance policies in sight.Following the foot steps of World Bank soon many vendors wil step into light in waiving away their projects from India.2009 was thought of to be the surgence of Obama in WhiteHouse and negative growth to the IT sector ,but in contrast before he takes the mantle the turmoil caused by the rescent SATYAM meltdown and other non-welcoming developments are catastophic . Hope this year wont give more surprises to software professionals like me..
Sir Is it this type of brand India we are selling to the world? The corrupt practices used to affect our day to day dealings with in the country. Have we been boldened so much to now make it an international dealing practice? In stead of feeling embarrassed in any way for having been made their names public, the guilty are pronouncing that such exposures would hardly effect their finances and the business of the company. Instead they could have given some sort of clarifications and should have protested like Satyam for their exposure and the language the world bank used in exposing their dealings? The corruptive methods in every sphere of our society have gone tnto our genes . Shall we ever stand still for a while to introspect? A painful corrective surgery needs to be done to our system to cleanse it.
Shamefull. Thats what we Indians are good at - CORRUPTION. We think we can buy the whole world out with our dubious ways. Our country is being eaten by this virus called corruption. Very soon we will top the world in this regard. But, lets CHEER. If not in anything else lets be NO.1 in atleast a) Corruption b) Producing Babies.
Hello Rakesh,US is the most corrupt country behind the scenes. If you do not know the size of corruption in US, a small example is ongoing Financial fiasco!Had they tendered any apology for the present mess?
Then do backup these companies.In coming years more of like these scandal will come.We will get a lots of praise all over the world after that.We will get lots of confidence after that.Forgot others my friend.We have to first let correct our own home then to see the corruption example all over the world.If somebody is doing wrong we don't have to take there example for excuses.
Very Shameful Act by these companies Let All world know how corrupt Nation we are.Govt have to take strict action against those who let our heads down by shame infront of the world.[Even Banning these companies]
very easy to say bann these companies rakesh..but are you even aware of the facts. Have you even thought what would happen if these companies are banned? What will happen to people who are no where involved and would loose there jobs? And what corrupt nation are you taking abt...this is the same nation about which you would have been proud just few months ago. I would say keep your head high..these little revealings would only make way for a better future.
Adan we have to be brave to accept our mistakes.We do have corruption in our country and we have to accept that.I am also believed that there should be very strict major should be taken to atleast the company involve with foreign so that we will not face any more humiliation because of them.
Govt. should take serious action against all those misregularities in the IT companies.. Because, as they submit a large amount to politicians, they do all kinds of fraud and make the workers fool. Only the employees get fooled..where as the CEO's and other top management people earn a lot..officials and politicians earn a lot due to bending the rules...and get bribe from these companies... So, Govt. should take action to safeguard the people...