India Satyam: US Court Upheld Company Plea In Upaid Settlement Case
16 Agosto 2010 - 1:00PM
Noticias Dow Jones
India's Satyam Computer Services Ltd. (SAY, 500376.BY) said late
Monday that a U.S. Court has allowed its contention that any tax
liability arising from its out-of-court settlement with Upaid
Systems Ltd. be withheld from the $70 million settlement
amount.
"The Court denied the motion brought by Upaid for summary
judgment for a declaration that it [Upaid] is entitled to receive
the total settlement amount of $70 million from the company
[Satyam] in satisfaction of settlement agreement, net of taxes,"
the Indian software exporter said in a statement.
Upaid officials couldn't be immediately reached for comment.
In December, Satyam--now rebranded Mahindra Satyam--had offered
to settle all disputes with Upaid, related to a failed patent
application of the U.K.-based provider of mobile and online
payment-transaction services, by paying $70 million. Upaid, which
had outsourced some projects to Satyam, had said the patent
application was rejected because of the Indian company forging some
documents.
Satyam, listed on the New York Stock Exchange and in India, had
motioned a U.S. court in February, seeking it to declare that if
there is any tax deduction required, it should be deducted from the
settlement amount that it has deposited in an intermediary, or
escrow, account.
-By Romit Guha and R. Jai Krishna, Dow Jones Newswires;
+91-9967586928; romit.guha@dowjones.com
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