Wipro Settles $4 Million Employee Fraud Matter With US Agency
Indian IT major Wipro on Friday announced that it has reached an agreement with US Securities and Exchange Commission (SEC) to resolve a six-year old investigation related to the embezzlement of funds worth $4 million by an employee. Under the terms of the settlement, the company will pay penalty of $5 million.
This was disclosed by the Bengaluru-based IT major in a filing with the Bombay Stock Exchange.
Wipro said in a statement that "in agreeing to the settlement, the company neither admits nor denies the SEC's allegations that the company violated certain provisions of the Securities Exchange Act of 1934".Â
The matter relates to embezzlement of funds worth about $4 million by an employee which Wipro says it discovered in December 2009. Wipro said that it was able to substantially recover the embezzled funds and the company made appropriate disclosures in the matter. The US agency initiated an enquiry in September 2010.Â
Wipro said that upon discovery of the embezzlement, it immediately took several steps which included internal and external investigation, hiring of additional accounting and finance personnel and spotting the recommendations of auditors and consultants.
"The company believes that it is in its best interests and that of all the stakeholders to resolve the prolonged matter and has accordingly reached the settlement," Wipro said.
Â
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
