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Satyam debacle not to impact IT industry: Wipro

January 07, 2009 17:48 IST

With the developments in Satyam [Get Quote] Computer unfolding shocking irregularities, Wipro [Get Quote] Technologies, a NYSE-listed company, on Wednesday said this incident is one of its kind and is unlikely to affect the industry.

"We are shocked by the recent news reports on Satyam, stating alleged multi-year misstatement of revenues.

"Wipro strongly condemns any attempt to mislead stakeholders. Global standards of corporate transparency are very high and we are confident that this is an isolated case and not representative of the IT industry," Wipro Limited Executive Director and CFO Suresh Senapaty said. 

                      The Satyam fiasco: Complete Coverage

He said a detailed investigation of this incident is urgently called for and needs to be undertaken by the authorities without delay.

Satyam Computer Services' Chairman and Founder B Ramalinga Raju resigned amid a scandal over inflated profit reporting. In his letter of resignation, Raju said

Satyam, one of India's largest outsourcing companies, had "inflated profits over a period of the last several years".

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