It is another cautionary tale of ambitious startups that attempted to conquer new markets and grow rapidly only to come up against a funding winter amid global market turmoil this year.
Mahindra Satyam sees growth on tack after it reported higher fourth-quarter (January-March) net sales and operating margins and said it has cleared all pending law suits with the exception of the litigation with US-based Aberdeen Group, the company said.
Mahindra Satyam posted fourth-quarter (January-March) net loss of Rs 327 crore quarter-on-quarter against a net profit of Rs 58.9 crore, despite higher net sales and operating margins. The company attributed the net loss to one-time exceptional charge to settle back-dated litigation.
Mahindra Satyam seems to be going all out to settle its liabilities. After it successfully settled the Upaid dispute out-of-court, CNBC-TV18’s Kritika Saxena learns from sources that the company is in talks to settle the class action law suits in the US out of court as well.