Satyam considering its legal option against Upaid
Software exporter Satyam Computer Services on Wednesday said it is considering its legal options with regards to the dismissal of its appeal in the London court against Upaid, a British Virgin Islands company.
By PTI |
NEW DELHI: Software exporter Satyam Computer Services on Wednesday said it is considering its legal options with regards to the dismissal of its appeal in the London court against Upaid, a British Virgin Islands company.
Satyam had lost an appeal at the Court of Appeal in London that upheld a previous High Court order, barring the Indian IT firm's moves to block the online mobile payment firm Upaid's fraud and forgery claims against it in Texas, US.
"Satyam is considering its legal options as regards the dismissed appeal in the London courts," Satyam CFO Srinivas Vadlamani said.
The ruling allows Upaid's lawsuit against Satyam alleging misrepresentation, forgery, fraud and breach of contract to proceed for a US trial by jury in Texas Federal Court.
The current decision in the UK court has determined the jurisdiction lies in US and the underlying case is expected to be tried in US in 2009, Satyam said in a statement.
"The US case is in a very preliminary stage and has to undergo the due process of law and Satyam is confident that it has merits in this case and would contest the case," he added.
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During 1997-1998, one of the subsidiaries of Satyam was engaged by Intouch Technologies (currently Upaid Systems) for product development work. Upaid Systems wanted to patent this product and Satyam provided support as contractually required to Upaid for obtaining the patent. Some of the then Satyam staff were named as co-inventors to the Patents. In 2002, Satyam and Upaid concluded the business relationship and based on the settlement agreement signed then any future disputes were to be tried under the UK laws.
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