Satyam Comp likely to take legal action against World Bank New Delhi, Dec 25 (PTI) Satyam Computer is likely to take legal action against the World Bank in the face of the lender's refusal to withdraw its (the Bank's) statement that made public the decision to ban the IT major for eight years from doing business with it.
Asked about the World Bank spokesperson's refusal to either apologise or withdraw the statement, a Satyam spokesperson told PTI from Hyderabad, "We are considering all options at our disposal." Crisis-ridden Satyam Computer Thursday asked the World Bank to apologise and withdraw its statement that made public the eight-year ban on the IT major for its alleged improper business practices, but the bank rejected the demand.
Satyam, which courted controversy for its decision to buy Maytas Properties and Maytas Infra and then giving up the idea, said the World Bank's statement on December 23 had caused it enough 'harm', and sought an apology for it.
However, the India spokesperson of the World Bank, Sudip Mozumder, told PTI that "the Bank stands by its statement issued on its Indian website on December 23".
The World Bank statement on December 23 said "Satyam was declared ineligible for contracts for providing improper benefits to (the) Bank staff and for failing to maintain documentation to support fees charges for its sub-contractors." Asked if the Bank would apologise, as demanded by Satyam, Mozumder said any comment, if at all, has to come from headquarters in Washington but the Bank stands by its statement.
However, Satyam Computer said in its statement that it would evaluate all options in view of both the Bank's "inappropriate" public statements and its response to the IT firm's requests.
The issue will now come up for discussion at the December 29 Board meeting of Satyam Computer. PTI
source: .ptinews.com
Thursday, December 25, 2008
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