Date:14/01/2009 URL: http://www.thehindu.com/2009/01/14/stories/2009011460911700.htm

Business

Assocham backs Wipro

Special Correspondent

NEW DELHI: India Inc on Tuesday stood by Wipro and described as improper the World Bank decision debarring the software major from doing business with it.

Associated Chambers of Commerce and Industry of India (Assocham) Secretary General D. S. Rawat maintained that Wipro had not committed any wrong by offering its shares to World Bank employees during its U.S. IPO in 2000.

No violation

Emphasised that Wipro had not violated any corporate governance guidelines, Mr. Rawat contended that barring it from procuring contracts from the World Bank on minor technical issues did not make sense.

Assocham took pride for its association with Wipro and its high standards of business ethics.

It maintained Wipro, TCS and Infosys were leading corporate bodies in India which companies emulated.

The Satyam computer case, Assocham regarded, as an isolated episode and that it had demanded investigation of its accounts and denounced attempts to link Wipro with it.