Satyam settles Aberdeen, other claims in fraud

BANGALORE Thu Dec 13, 2012 12:59pm IST

Employees of Satyam Computer Services Ltd., enter their head office in Hyderabad April 13, 2009. REUTERS/Krishnendu Halder/Files

Employees of Satyam Computer Services Ltd., enter their head office in Hyderabad April 13, 2009.

Credit: Reuters/Krishnendu Halder/Files

Related Topics

Stocks

   

BANGALORE (Reuters) - Satyam Computer Services (SATY.NS), the software services firm sold to Tech Mahindra(TEML.NS), has settled claims from Aberdeen Global and 22 funds that had claimed damages.

The company has signed a confidentiality agreement with the claimants and paid $68 million to fully settle them, Satyam said in a statement on Thursday. Aberdeen and the funds had sought damages of about $298.3 million in a British court, it said.

Satyam was sold in a government-backed auction in 2009 after its founder and former chairman admitted to one of the country's biggest accounting frauds. The company, in the process of merging with parent Tech Mahindra, had also settled claims by Aberdeen-affiliated former investors in the United States in July, and a class-action suit in February 2011. (Reporting By Harichandan Arakali; Editing by Prateek Chatterjee)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

REUTERS SHOWCASE

Election 2014

Election 2014

Promises and more promises: India’s parties pitch their visions.  Full Article | Full Coverage 

India Markets

India Markets

Sensex slumps 207 points, at 2-1/2 week closing low.  Full Article 

Telecom Sector

Telecom Sector

RComm to raise mobile call tariff by up to 20 percent  Full Article 

Chinese Economy

Chinese Economy

China economic growth slows to 18-month low in first quarter  Full Article 

New Direction

New Direction

CEO Nadella pushes data culture at Microsoft.  Full Article 

Bitcoin ATM

Bitcoin ATM

China gets first bitcoin ATM, skirting bank crackdown.  Full Article 

Strong Sales Volume

Strong Sales Volume

Small is beautiful for Coca-Cola as volumes soar in China  Full Article 

Breakingviews

Breakingviews

Diageo throws money at Indian empire-building  Full Article 

Toyota's Performance

Toyota's Performance

After two bumper years, Toyota braces for shift to slower growth.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage