IT company Satyam Computer Services is one of the three IT firms that was barred. -- PHOTO: ASSOCIATED PRESS
WASHINGTON - THE World Bank said on Sunday it planned to publish the names of all companies it barred from receiving Bank contracts, and named three Indian firms.
Shares in Satyam rebound more than 50%
MUMBAI - SHARES in fraud-hit Satyam Computers rebounded more than 50 per cent in early trade on Monday on investor confidence in the new government-installed board, dealers said.
The company's stocks rose 12.7 rupees, or 53.25 per cent, to 36.55 rupees on the same day the Mumbai stock exchange removed the company from the benchmark 30-share Sensex index in reaction to a billion-dollar accounting scandal.
'There are currently three companies that (have) been debarred along with their affiliates under the Bank group's corporate procurement program,' the Bank said in a statement.
It said it had barred IT company Satyam Computer Services for eight years and Wipro Technologies for four years for 'improper benefits to bank staff'.
It said it also barred India's Mefasoft Consultants for four years in December 2007 for 'participating in a joint venture with Bank staff while conducting business with the Bank'. -- THOMSON REUTERS
