World Bank debars Satyam for 8 years: report

BANGALORE, INDIA: Of late Satyam Computer Service has been in the news for the wrong reasons that has resulted in the company's share value nosediving and shareholders raising their voice against the management.

And to add to the tension within the organization, Fox News today reported that there is an eight-year World Bank sanctions against the computer software service supplier from all business at the bank.

The ban is linked not only to financial wrongdoing but also to the ultrasensitive data heists, the report said.

According to the report, Satyam Computer Services was barred last February from all business at the bank for a period of eight years and the ban started in September.

When Fox News had broke the news in October, World Bank had denied it. However, now a top official of the World bank has admitted that it has imposed sanctions against Satyam, it said.

The World Bank revelation comes at a time when the company is passing through a tough time. Recently it had called off the $1.6 billion deal to acquire Maytas Infra and Maytas Properties, a day after the controversial announcement, following the opposition from investors.

Also British online and mobile payment services provider Upaid Systems had announced on Thursday that it is filing a motion requesting depositions of the top executives of the company.