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Trading in Indian IT services provider Satyam shares resumed today on the New York Stock Exchange after they were halted following disclosures of massive accounting fraud by the top management of the company.
Satyam’s shares were down about 82% to $1.64 on the NYSE at 1:52PM EST.
Earlier today, Satyam’s shares fell as low as 78 cents.
Wipro took over 18 months to disclose its troubles with the World Bank that led ultimately to the bank banning it for providing improper benefits to its staff.
Se we asked Wipro a few basic questions like why the company had not disclosed the serious problems with the World Bank earlier, the names of the other clients to whom it offered IPO shares, how many shares were offered and the names of those who accepted the shares along with the number of shares accepted.
We spoke to Wipro twice today but the pansies at the company are too scared to respond to a few basic questions.
Makes us wonder what else Wipro Chief Azim Premji and his associates are hiding.
And to think that Wipro boasts about Unyielding Integrity on its web site. Talk is cheap, right?
Meanwhile, shares of Wipro were trading at $7.50, 8.54% lower on the New York Stock Exchange at 1:04PM EST today.
After Satyam, another major Indian IT services provider – Wipro – now stands disgraced.
The World Bank has banned Bangalore-based Wipro for four years from receiving direct contracts from the Bank Group under its corporate procurement program.
On its web site, the World Bank has cited Wipro for providing improper benefits to the bank’s staff.
The ban on Wipro is from June 2007 through June 2011.
Wipro has not disclosed the World Bank ban until now although the bank’s action against the company was taken in June 2007.
Putting a brave face on the humiliating Continue reading »
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