Satyam settles lawsuit, appoints new board members

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Mahindra Satyam settles Upaid lawsuit
Hyderabad, Dec 9: Mahindra Satyam is all set to settle the lawsuit filed by US firm Upaid Systems Ltd with a payment of 70 million dollars. The outsourcing company also appointed Deloitte as auditors while Mr Vineet Nayyar has been named the Chairman of its Board.

“The board approved a settlement agreement between the company and Upaid Systems," Mahindra Satyam said in a statement on Wednesday, Dec 9.

The company will be making a first payment of 45 million dollars within 10 days of getting regulatory approval of the settlement. The second payment of 25 million dollars is expected to be made within a year of the first payment.

Mahindra Satyam, which was born out of Tech Mahindra's take over of the fraud-hit Satyam computers, is still trying to heal the wounds of the Rs 14,000 crore accounting scam.

The appointment of Deloitte as auditors comes days after the Central Bureau of Investigation (CBI) charged PriceWaterhouse of complicity in the Satyam Computers scam.

Apart from appointing Executive Vice-Chairman of Tech Mahindra Mr Nayyar as the Chairman of its Board, former Chairman of the Securities and Exchange Board of India (SEBI) Mr M Damodaran and Mr Gautam S Kaji have been appointed as additional directors.

OneIndia News

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