Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4% :: TDS :: VAT Audit :: articles on VAT and GST in India :: empanelment :: VAT RATES :: ACCOUNTING STANDARD
 
 
News Headlines »
 What to do if you get an income tax notice after demonetisation
 SBI calls for raising income tax exemption limits
 Did you know? The tax exemption on your HRA
 Income Tax Department expands list of deposits, transactions under scrutiny
  Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962
 Master Directions on Access Criteria for Payment Systems
 RBI-Scheduled Bank's Statement of Position in India as on Friday, January 06, 2017 (Revised)
 3 Big Mistakes To Avoid This Tax Season
 The Top 5 Tax Stories Of 2017
 Are multiple service tax rates in the offing?
 All you need to know about claiming tax break on HRA

Satyam settles Upaid case for $70 mn
December, 10th 2009

Mahindra Satyam on Wednesday said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.

The company would make the first payment of $45 million to Upaid, which had filed a forgery case against Satyam, within 10 days of getting necessary regulatory approval for the same, Mahindra Satyam informed the stock exchanges.

Further, the troubled Indian outsourcer would make a payment of $25 million within the next 12 months of making the first payment.

Upaid had filed the lawsuit in a Texas court seeking damages exceeding $1 billion. The proceedings against Satyam commenced in 2007, alleging forgery of documents necessary for transfer of proper title to its under an assignment agreement entered into in 1998.

Satyam had assigned and transferred its rights, title and interests in certain computer software to Upaid by getting assent from all the employees who had worked on the project, but the signature of one of the employees was found to have been forged.

The settlement would also involve Upaid giving Mahindra Satyam a worldwide royalty-free licence on all of its patents, and provides for the dismissal of all pending actions between parties, the filing said.

Shares of Satyam closed at Rs 102.65, up 1.33 per cent on the BSE.

Mahindra Satyam appoints Deloitte as auditor, Damodaran on board

Mahindra Satyam appointed Deloitte as auditors, within days of CBI charging Price Waterhouse of complicity in the Rs 14,000 crore accounting scam.

The company also brought on board former market regulator M Damodaran, and former World Bank executive Gautam S Kaji.

"The board has also appointed Damodaran and Gautam S Kaji as members of the Audit Committee," the company said in a filing to the stock exchanges.

Deloitte Haskins & Sells, one of the two audit firms roped in by the post-scam Satyam Board to restate accounts, will vet the accounts of Mahindra group company for the 2008-09 and 2009-10 fiscals as statutory auditor.

The company, which was acquired by Tech Mahindra in April, has secured time until June 2010 from the Company Law Board to file financials, including quarterly results, in the aftermath of founder B Ramalinga Raju disclosing that he fudged accounts for years. He has since been arrested and is awaiting trial.

Deloitte is also the principal auditor of Tech Mahindra, which owns 43 per cent in Mahindra Satyam, as well as that of Mahindra group flagship firm M&M.

Ramesh Rajan, who was Price Waterhouse's India head, when the scam came to fore, has since stepped down.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions