Satyam settles Aberdeen Global, other claims for Rs 369 cr in accounting fraud

In July 2012, Mahindra Satyam settled claims by other Aberdeen-affiliated former investors brought in the US for $ 12 million

“The claimants have claimed that they have suffered losses of an estimated sum of $298,339,978 and additional consequential losses. By virtue of the settlement, the claims have been fully and finally disposed of on the basis of, inter alia, a payment of $ 68 million,” the company said in the filing.

In July 2012, Mahindra Satyam settled claims by other Aberdeen-affiliated former investors brought in the US for $ 12 million, it said.

A class action brought in the US on behalf of other former investors in the company was also settled in February, 2011, it added.

Tech Mahindra took over the reins of the scam-hit Satyam Computer Services in April, 2009, and rebranded it as Mahindra Satyam.

Last year, the IT company had settled out of court a class action suit slapped by US-based investors of the company’s ADS issue for $ 125 million, and in April 2011 it settled its litigation with the US Securities and Exchange Commission for $ 10 million.

In December 2009, Satyam had entered into a settlement with UK-based mobile payment solutions provider Upaid Systems for $ 70 million.

Mahindra Satyam scrip was trading a at Rs 103.40 apiece on the BSE, down 0.39 percent.

PTI

.pagination_article

View the Original article