Satyam settles Aberdeen, other claims in accounting fraud
Satyam Computer Services , the software services firm sold to Tech Mahindra, has settled claims from Aberdeen Global and 22 funds that had claimed damages.
December 13, 2012 / 10:34 IST
Satyam Computer Services , the software services firm sold to Tech Mahindra, 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. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
