Spine Fit

The most recent thing to hit the financial market after the economic crisis is the black listing of 2 major Indian companies from the World Bank list. This has come as a shock to both the companies which handled majority of the auditing work for World Bank. The 2 indian companies are the largest IT companies and employ quite a lot of people. The 2 companies that were black listed were Satyam corp. and Wipro inc. both big players in the Indian IT industry. The situation has become worse for Satyam corp. when the chairman owned to having cheated the company to the tune of 4 billion dollars. The imminent collapse of the company was halted thanks to the Indian government which stepped in and took control of it. The company was black listed after World Bank auditors found out that the company’s books weren’t proper and that they had bribed quite a few World Bank employees with shares from their company which were selling at a high rate till the collapse came. The other company has denied any sort of bribing and has appealed to the World Bank to review its case. With these 2 scandals it looks like the economic crisis in India is just going to worsen.