Wipro to delay filing annual report in US

BANGALORE, INDIA: Indian IT major Wipro has announced that the company will delay the filing of its annual report on Form 20-F with the US Securities and Exchange Commission (SEC) as it is still awaiting an investigation report into a fraud committed by an employee last year.

In February 2010, Wipro said that it had discovered the embezzlement, reportedly to the tune of Rs 20 crore, by one of its employees during the period from November 2006 to December 2009.

When the company came to know about the incident on December 13, 2009, it managed to substantially recover all of the embezzled amount before the accused, Anoop Agarwal, ended his life on December 24, 2009.

The company said it was expecting to file its annual report by November 10, against the due date of September 30, once the audit committee completed the investigation.

“Wipro awaits the conclusion of an ongoing investigation initiated by the Audit Committee of its Board of Directors to file its Form 20-F,” Wipro said in a regulatory filing.

Meanwhile Wipro has filed Form 12b 25 with the US Securities and Exchange Commission.