Tata takes over some Satyam business

 

The World Bank has handed Tata Consultancy Services (TCS) much of the work previously carried out by Satyam which it barred from working with it.

The World Bank cut ties with Satyam on December 25 On the World Bank barred Satyam for eight years for “providing improper benefits to World Bank staff and failing to maintain documentation to support fees charged for its subcontractors,” said the World Bank.

According to India based website DNA the World Bank has transferred the business that Satyam had with it to TCS. The World Bank was unavailable for comment despite numerous attempts to contact it.

TCS said it would not comment until after it released its results for the third quarter tomorrow.

Satyam would not disclose the amount of business it previously did with the World Bank.

Satyam is at the centre of a $1bn accounting fraud after its former chairman admitted to fixing the books. Customers are closely monitoring the situation and weighing up their options.

Indian Suppliers Wipro and Megasoft Consultants have also been barred from working directly with the World Bank because of conflicts of interest.

The appointment of TCS shows that The World Bank is not targeting Indian firms.

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