HYDERABAD: After being forced to cough more than $ 200 million in settlements over the past three years abroad, Mahindra Satyam scam affected said on Saturday it has finally been successful in solving Aberdeen U.S. demand for U.S. $ 12 million (R 66.7 million rupees) against a total demand of more than $ 68 million.
With this MSAT has been able to resolve all disputes in the U.S.. However, still faces a lawsuit filed by Aberdeen Asset Management in a British court in April this year seeking more than $ 150 million in damages.
In a filing to the stock exchanges on Saturday, MSAT said it had reached a settlement agreement with Aberdeen Claims Management Inc., which was the repository of two trusts that were supposed assignees legal claims against the company belonging to 20 investors who allegedly purchased the company's common stock and American depositary shares prior to January 7, 2009, and sold those shares shortly after. Aberdeen had alleged that the 20 investors suffered losses in the U.S. $ 68 million, the company said.
The obligations under the resolution are in full readiness and the end of the action initiated by Aberdeen in the United States District Court for the Eastern District of Pennsylvania and later transferred and now pending in Federal District Court for the Southern District of new York, "the company said in the presentation. the company said that under the agreement, which was required to deposit $ 12 million in an escrow account and that the agreement was subject to a consent order by the court that appropriate has not yet been delivered.
While in February last year, MSAT had settled out of court to demand U.S. action Class slapped by U.S. based investors of the issuing company's ads for $ 125 million in April 2011 that established his lawsuit with the U.S. SEC $ 10 million.
In December 2009, MSAT had reached an agreement with UK-based systems in mobile payment solutions provider Upaid for $ 70 million, but was later driven to a U.S. court again by Upaid in a dispute over payment of tax on the amount of compensation, which was in January this year dismissed by the court.
Satyam was hit by the worst fraud in corporate history of India after its founder B Ramalinga Raju confessed to cooking the books of the company on January 7, 2009, sending the company worth plummeting. The company was later acquired by the Mahindras in April 2009.
With this MSAT has been able to resolve all disputes in the U.S.. However, still faces a lawsuit filed by Aberdeen Asset Management in a British court in April this year seeking more than $ 150 million in damages.
In a filing to the stock exchanges on Saturday, MSAT said it had reached a settlement agreement with Aberdeen Claims Management Inc., which was the repository of two trusts that were supposed assignees legal claims against the company belonging to 20 investors who allegedly purchased the company's common stock and American depositary shares prior to January 7, 2009, and sold those shares shortly after. Aberdeen had alleged that the 20 investors suffered losses in the U.S. $ 68 million, the company said.
The obligations under the resolution are in full readiness and the end of the action initiated by Aberdeen in the United States District Court for the Eastern District of Pennsylvania and later transferred and now pending in Federal District Court for the Southern District of new York, "the company said in the presentation. the company said that under the agreement, which was required to deposit $ 12 million in an escrow account and that the agreement was subject to a consent order by the court that appropriate has not yet been delivered.
While in February last year, MSAT had settled out of court to demand U.S. action Class slapped by U.S. based investors of the issuing company's ads for $ 125 million in April 2011 that established his lawsuit with the U.S. SEC $ 10 million.
In December 2009, MSAT had reached an agreement with UK-based systems in mobile payment solutions provider Upaid for $ 70 million, but was later driven to a U.S. court again by Upaid in a dispute over payment of tax on the amount of compensation, which was in January this year dismissed by the court.
Satyam was hit by the worst fraud in corporate history of India after its founder B Ramalinga Raju confessed to cooking the books of the company on January 7, 2009, sending the company worth plummeting. The company was later acquired by the Mahindras in April 2009.
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