Satyam demanded for apology from World Bank

India's fourth largest Software Company Satyam Computer Services has demanded apology and to withdraw the statements and harm done to the company by world Bank. But World Bank has refused to apologise about the allegations which made earlier against the company.

A World Bank spokesman in Washington said that the Bank stands by the statement issued on its India website on 23rd December.

The Bank said that, "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." and also the shares in Satyam Software Services also fell down after the Bank said that it(satyam) was banned for 8 years from business.

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Satyam banned by World Bank for 8 years

India's Fourth Largest IT company Satyam Computer Services has been banned by World Bank said by a Fox News report. The report admits that a senior World Bank official admitting that Satyam has been barred from all business at the bank for eight years.

World Bank debarment has been meted out for "improper benefits to bank staff" and "lack of documentation on invoices," according to Fox News report.

Previsouly there was news that is satyam computers blacklisted?

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