Mahindra Satyam strikes settlement deal with Upaid

Submitted by Sunil Kashyap on Wed, 12/09/2009 - 20:01

techmahindrasatyamThe Board of Mahindra Satyam, formerly known as Satyam Computer Services, has taken up work of settling pending disputes with its clients. In a similar move, the company has decided to pay $70 million to the U. K.-based company Upaid Systems Ltd for settling the suit filed in 2005 alleging Satyam Computer of fraud and forgery.

Mahindra Satyam is yet to seek regulatory sanctions from the competent authorities for the transaction. The firm informed that it would issue the first installment of $45 million within 10 days of approval while the second installment would be released thereafter within a year of the first payment.

Mobile and online payment-transaction services provider, Upaid Systems Ltd needs to give Hyderabad-based Mahindra Satyam a worldwide royalty-free license on its patents after the settlements which would also end all the pending disputes between both firms.

Meanwhile, the firm has also announced to appoint Vineet Nayyar as a chaiman of Mahindra Satyam besides including former Chairman of market regulator Securities and Exchange Board of India M Damodaran and Gautam Kaji as directors in its Board.


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