Satyam loses appeal in Upaid Case
Satyam Computer Services has lost an appeal at the Court of Appeal here which upheld a previous High Court order, barring the Indian IT firm's moves to block the online mobile payment company Upaid's fraud and forgery claims against it in Texas, U...
By PTI |
LONDON: Satyam Computer Services has lost an appeal at the Court of Appeal here which upheld a previous High Court order, barring the Indian IT firm's moves to block the online mobile payment company Upaid's fraud and forgery claims against it in Texas, US .
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, Upaid Systems today said in a statement, adding, Satyam too has admitted that "extremely large sums of money," are involved in the case.
Upaid had originally filed a lawsuit in April 2007, following the revelation in Texas of forged documents being previously provided by Satyam to Upaid.
Against this, Satyam had sought a High Court injunction in London on September 2007 to try and block the Texas case, arguing that a 2003 commercial agreement terminating the relationship between the two firms precluded all future claims against it for all past practices and that any residual claims against it had to be tried in London.
However, the High Court categorically refused Satyam's request in January. After testimony from senior executives of both firms and legal experts, the court ruled that the Texas claims could proceed. Satyam, then appealed against the decision which was again dismissed last Friday by the Court of Appeal in London.
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, Upaid Systems today said in a statement, adding, Satyam too has admitted that "extremely large sums of money," are involved in the case.
Upaid had originally filed a lawsuit in April 2007, following the revelation in Texas of forged documents being previously provided by Satyam to Upaid.
Against this, Satyam had sought a High Court injunction in London on September 2007 to try and block the Texas case, arguing that a 2003 commercial agreement terminating the relationship between the two firms precluded all future claims against it for all past practices and that any residual claims against it had to be tried in London.
However, the High Court categorically refused Satyam's request in January. After testimony from senior executives of both firms and legal experts, the court ruled that the Texas claims could proceed. Satyam, then appealed against the decision which was again dismissed last Friday by the Court of Appeal in London.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
