This refers to the press release we made today morning disclosing our vendor status with World Bank.
In 2000, in connection with our Initial Public Offering (IPO) of American Depository Shares (ADS) in the United States, Wipro offered a commonly utilized and Securities and Exchange Commission approved Directed Share Program (DSP) that allowed employees and clients to purchase ADSs at the IPO market price. The Program's objective was to involve employees and customers with the public offering to expand our recognition and brand. A majority of the shares sold under the DSP were allotted to our employees.
All participants in the program signed a conflict of interest statement that their purchase did not violate any ethics or conflict of interest policies of their company.
We have always prided ourselves for setting the highest standards of business ethics in our dealings with all our stake holders. We have built a strong culture which upholds compliance in letter and spirit.
The approach was no different in this instance also. Let me reaffirm that Wipro was right from a legal as well as ethical standpoint. We believe what we did was right and we did it in the right manner.
Wipro's success over decades has been built on the foundation of our values. The unflinching translation of the values into action has been through the commitment and resolve of all of you.
The Spirit of Wipro will continue to be the beacon that will drive our conduct in future as well.