Satyam, TechM to discuss Upaid case

MUMBAI: The board of Satyam Computer will meet senior officials of Tech Mahindra on Friday to discuss the Upaid case and class action suits that have been filed in the US courts. The board meeting, to be held in Delhi, will be attended by M&M vice-chairman and Tech Mahindra chairman Anand Mahindra and other senior officials of the M&M group including Vineet Nayyar, Bharat Doshi, CP Gurnani and Sanjay Kalra.

"There is a board meeting on Friday to discuss the cases filed in the US courts. TechM's senior team will update the board on their meetings with customers," a Satyam board member told ET. The trial for the Upaid case, which was to begin on June 1, has been postponed to October, said a Tech Mahindra official. "We have offered Upaid $10 million, which is what the Satyam board had offered them. However, there has been no definite decision yet and negotiations are still on," said the official.

The district court of New York has appointed Mississippi's Public Employees' Retirement System as the lead plaintiff for the class action suit. Satyam's American shareholders are claiming $500 million in liabilities from the company, which could take the case forward while at the same time triggering talks for an out-of-court settlement. Satyam's American shareholders are claiming $500 million in liabilities from the company.

(With inputs from Nina Mehta)