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'Lift Ban On Satyam'
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Tech Mahindra has written to the World Bank seeking an end to the eight-year ban imposed on Satyam.
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Friday, July 03, 2009:
Tech Mahindra has officially approached the World Bank seeking an end to the eight-year ban imposed on Satyam Computer Services (now rebranded as Mahindra Satyam). Tech Mahindra is the new owner of the troubled Indian IT services firm. Satyam Computer Services was barred by the World Bank from doing any business with it for a period of eight years beginning September 2008.
The World Bank debarment is believed to be the harshest that the multilateral agency has imposed on any company since 2004.
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The ban was implemented after forensic experts and bank investigators discovered that spy software was covertly installed on workstations inside the bank's Washington headquarters, allegedly by one or more contractors from Satyam Computer Services.
Satyam was declared ineligible for contracts for providing improper benefits to bank staff and for failing to maintain documentation to support fees charged for its subcontractors.
Satyam, a month later, was forced to deny reports that its contractors had installed spy software on World Bank computers.
Reacting to the ban by the World Bank, Satyam had released a statement saying, "It formally requested that the World Bank immediately withdraw those statements, that it issue a new statement apologising to Satyam for the harm done to the company due to the Bank's actions, and that it provide Satyam with a full explanation of the circumstances related to the Bank's inappropriate statements."
"We wrote to the bank a few weeks ago. We don't expect an immediate response as these things take time but we disagree with the claims they've made," SiliconIndia quoted Vineet Nayyar, vice chairman, Tech Mahindra.
Tech Mahindra has also said that it remains committed to developing a $75 million IT facility in Geelong and will continue to service Telstra despite losing a $30 million-plus contract.
In April last year, Mahindra Satyam had announced that it would set up a centre at Deakin University's Geelong campus. It also said the 25-acre IT facility would accommodate 2,000 employees over the next few years and would house a software development centre and facilities for training, research and development etc.
After the founder and chairman of Satyam admitted to a $1 billion accounting scandal in January 2009, the University's acting chancellor John Rosenberg had said the future of the project was up in the air. "I think there is a chance that it won't go ahead. We're very confident and optimistic but at this stage really until we understand the implications for the company, for Satyam, it's difficult to determine whether the project will proceed," he said.
But now it seems that the Geelong project won't be shelved, with Vineet Nayyar reassuring, "We're committed to the project (but) we've got due diligence in place."
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