The World Bank had banned Indian IT giant, Wipro Technologies on account of extending undesired benefits to its employees in 2007. The company would not able to do business with bank for four years till 2011.

Earlier, beleaguered IT service provider Satyam Computers was also banned to do business with WB following serious bribery charges. Hyderabad-based Megasoft Consultants has also been banned for four years on similar grounds.

Suresh Senapathy, CFO of Wipro said that the company had received approval from US stock market regulator, SEC to offer shares to employees and clients, including World Bank employees.

About 90 per cent of companies listed with US market enjoyed the facility of low priced shares at that time. He further said, "All participants in the program, including the World Bank CIO and another employee who took shares in the names of their wives, signed a statement that their purchase did not violate any ethics or conflict of interest policies of their company."

He said that World Bank's employees had purchased total of 1,750 shares for about $72,000 from the company and it did business worth $1 million with the World Bank since 2001.

The World Bank's website maintained that it would take steps to bring fairness and transparency in the system. However, there are no details of Wipro issue disclosed in the website.  
 
The shares of India's third largest software exporter, Wipro declined 10 per cent on Bombay Stock exchange following announcement by WB to ban the company.