Mahindra Satyam open to out of court settlement of class action suits in US
Lawsuits filed by Satyam's US shareholders over the scam at the company, could result in a liability running into crores for the company. All About Mahindra Satyam
By PTI |
NEW DELHI: Mahindra Satyam Executive Vice Chairman Vineet Nayyar on Monday said that the company is open to out of court settlement of the class action suits that it is facing in the US.
"Out of court settlement have always been better. If we have a common ground, we will make out of court settlement otherwise law will take its own course," Nayyar told reporters here while stepping out of the Ministry of Corporate Affairs office.
Nayyar further said, "I don't think any special assistance can be given by the government other than the fact that Satyam is as much a victim of the fraud as the shareholders."
When asked about the issue, Corporate Affairs Minister Salman Khursid said, "Most of the class action suit in the US do get settled out of the court and it is sensible to do so."
However, he made it clear that the government will not be a party to the class action suits.
On assisting the company in settling the legal suits in the US Khursid said, "Certainly, it is not for us to give any help because we do not have any locus to do such things."
Satyam Computer Services, re-branded as Mahindra Satyam by its new owner Tech Mahindra, is facing many class action suit in the US. The lawsuits filed by Satyam's US shareholders over the multi-crore financial scam at the company, could result in a liability running into crores for the company.
"Out of court settlement have always been better. If we have a common ground, we will make out of court settlement otherwise law will take its own course," Nayyar told reporters here while stepping out of the Ministry of Corporate Affairs office.
Nayyar further said, "I don't think any special assistance can be given by the government other than the fact that Satyam is as much a victim of the fraud as the shareholders."
When asked about the issue, Corporate Affairs Minister Salman Khursid said, "Most of the class action suit in the US do get settled out of the court and it is sensible to do so."
However, he made it clear that the government will not be a party to the class action suits.
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On assisting the company in settling the legal suits in the US Khursid said, "Certainly, it is not for us to give any help because we do not have any locus to do such things."
Satyam Computer Services, re-branded as Mahindra Satyam by its new owner Tech Mahindra, is facing many class action suit in the US. The lawsuits filed by Satyam's US shareholders over the multi-crore financial scam at the company, could result in a liability running into crores for the company.
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