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Mah Satyam looks at out-of-court settlement with creditors
In a recent development it has been learnt that the global IT services’ provider, Mahindra Satyam is looking at an out-of-court settlement option with creditors. Twenty creditors from a total of 37 may withdraw legal notices issued earlier this month against the company, sources inform CNBC-TV18.
In a recent development it has been learnt that the global IT services' provider, Mahindra Satyam is looking at an out-of-court settlement option with creditors. Twenty creditors from a total of 37 may withdraw legal notices issued earlier this month against the company, sources inform CNBC-TV18's Kritika Saxena.
Thirty-seven creditors had claimed USD 265 million from Mahindra Satyam in response to which, the company had then stated that the claims were "legally untenable".
The IT giant is working on a settlement offer with creditors. "We have always been interested to be free of legal issues." However, the company says it will not dispense large amount of cash to creditors. There is nothing to share yet in the public domain, the company says.
