Wipro delays filing of annual report

Wipro delays filing of annual report  Software Company Wipro told the US Securities and Exchange Commission about the filing of its annual report for 2009-10 which is anticipated next month.

It was initially due on 30th September, but got delayed because of the ongoing investigation into the accused embezzlement of capital by a worker.

The annual report is now expected to be filed within 10th November, 2010.

The headquarters of Wipro at Bangalore is waiting for the result of the currently going investigation started by the Audit Committee of its Board of Directors.

Wipro had discovered embezzlement of an estimated Rs 32 crore by one of its workers in February, which was from the duration November 2006 to December 2009.

Consequentially, Wipro and its Audit Committee carried out an investigation to find out the materiality of the total money embezzled and assess the design and implementation of the internal control processes, besides other things.

It was however concluded by Wipro from the facts of the investigation that the total money embezzled by the employee was "not material", and that the company had ever since recovered almost all of the embezzled amounts in substantial terms.