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Property tax notice slapped on Wipro

The Bruhat Bangalore Mahanagar Palike, Bangalore's city corporation, on Friday claimed that Wipro has not paid R19 crore as property tax with regard to one of its facilities. The company denied the allegation. Wipro said, "Wipro has paid the requisite property tax with respect to its software facility at Sarjapur Road. This facility in the Special Economic Zone is engaged in software development for global customers and has been established with pre-approvals from the government of Karnataka and government of India. However, BBMP has disputed the tax payments by Wipro. In this context, Wipro had sought appropriate remedy from the department on grounds of merit and natural justice. However, BBMP officials preferred to be arbitrary and applied coercion. We regret that BBMP has taken such a position. Wipro will take up this matter with the appropriate authorities in the government and/or the judiciary to seek resolution in the matter," the company said.

Wipro expects demerger to be complete in 5 mths

Wipro is expecting the planned demerger process that will witness the separation of its business between IT and non-IT business to be completed in the next four to five months. Wipro CFO Suresh Senapaty said, "We expect in the next four-five months the court to come out with its order and then certain more procedures and formalities have to be followed to make sure the demerger gets complete in terms of exchange of shares." The demerger process planned by Wipro will see its IT business remaining as a listed entity while the entire non-IT business turning into an unlisted organisation. This whole process will also see the holding of the promoters group led by chairman Azim Premji reduced to 75% from the current 79% in accordance with the norms laid out by the market regulator Sebi.

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