Wipro reaches agreement with SEC over 6-year old US security probe, to pay $5 million

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New Delhi | Published: December 23, 2016 6:31:30 PM

To formally resolve a previously disclosed six year old investigation, software giant Wipro Ltd had today announced that it had reached an agreement with the US based Security and Exchange Commission.

The company had also claimed that SEC had credited Wipro's cooperation and remedial measures in reaching the settlement. (Reuters)The company had also claimed that SEC had credited Wipro’s cooperation and remedial measures in reaching the settlement. (Reuters)

To formally resolve a previously disclosed six year old investigation, software giant Wipro Ltd had today announced that it had reached an agreement with the US based Security and Exchange Commission, and had consented to pay a civil money penalty of $5 million. However, the company in a filing to the Bombay Stock Exchange (BSE), had clarified that Wipro neither admits or denie’s to SEC’s allegations that the software major had violated provisions.

In its filing to the BSE, the company mentioned, “In agreeing to the settlement, the Company neither admits nor denies the SEC’s allegations that the Company violated certain provisionsof the Securities Exchange Act of 1934 (Exchange Act).”

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The company had also claimed that SEC had credited Wipro’s cooperation and remedial measures in reaching the settlement. As per the settlement, the software giant had consented to pay a civil money penalty of $5 million to cease and desist from violating the Exchange Act and ‘to unddertake certain follow through actions’.

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