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Mahindra Satyam wins tax case
August, 18th 2010

Mahindra Satyams legal liabilities, excluding class action suits in the US, have dropped to near zero with the Supreme Court of the State of New York on Monday asking UK mobile solutions company Upaid to bear the tax burden while settling its dispute with the Indian IT outsourcing company.

"The court adjudged and declared that the settlement agreement requires that Upaid must cooperate with the escrow agent (IDBI Bank Ltd) to allow it to withhold any applicable taxes from the $70-million settlement amount," Mahindra Satyam (the brand identity of Satyam Computer Services Ltd) said in a filing with BSE.

Mahindra Satyam had filed a lawsuit in a New York court against Upaid, seeking to make it solely responsible for any tax liability arising from an out-of-court settlement reached by them.

 
 
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