Could you please help us understand the rationale behind the disclosure
of the World Bank, which has come in after two years?
They say this has resulted due to some changes in their internal policy. The incident goes back to 2000 when we did a listing in the US for our ADR.
As per the US law at that time and as per the SEC approval scheme, we ran a programme called Directed Share Programme (DSP). It basically permitted us to issue shares at market price (which was about $41 at that point of time), to employees, customers and other stakeholders.
It was limited to just 5 per cent of the total issue, and had a limitation about how many shares will be given to any single individual.
Image: Wipro logo
Also read: Satyam fraud may hit World Bank image
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