Texas court to hear Upaid-Satyam case
Texas court will hold a hearing on the legal tussle between Upaid, a UK-based mobile services provider, and Satyam Computer Services on January 7.
By ET Bureau |
HYDERABAD: The troubled $2-billion Satyam Computer Services may have more worries on the legal front in 2009.
A Texas court will hold a hearing on the legal tussle between Upaid, a UK-based mobile services provider, and Satyam Computer Services on January 7.
The court, on that day, will decide on the issuance of summons to three top executives of Satyam for depositions. Earlier this month, Upaid had filed a motion in the Texas district court requesting depositions of Satyam���s founder and chairman B Ramalinga Raju, chief financial officer V Srinivas, and global head of corporate governance G Jayaraman, after the software company���s aborted bid to buy two firms linked to its promoters.
A Satyam spokesperson said that the company would be filing its reply by the end of this week Upaid and Satyam are locked in a two-pronged legal battle, one, a forgery case filed by Upaid against the Satyam management seeking damages of over $1 billion, and the other, a disparagement case by Satyam against the little known UK-based company.
The forgery case dates back to early-2000, when Satyam was working on a contract job for Upaid. Upaid said that it ran into problems with Qualcomm and Verizon, and had to settle the case with them under grossly unfavourable terms due to alleged forgery by Satyam officials. The US Federal Court proceeding in this case is currently scheduled for a Texas jury trial in June 2009.
Satyam Computer had planned to acquire two firms ��� Maytas Infra and Maytas Properties ��� promoted by the Raju family. But the plan was called off after shareholder���s revolt.
Upaid had alleged that Satyam���s $1.6-billion acquisition plan was meant to strip surplus cash from the company to benefit the family of the company���s founder and chairman. Shares of Satyam Computers surged 5.95%, or Rs 9.55, to Rs 170.15 on the Bombay Stock Exchage on Wenesday.
A Texas court will hold a hearing on the legal tussle between Upaid, a UK-based mobile services provider, and Satyam Computer Services on January 7.
The court, on that day, will decide on the issuance of summons to three top executives of Satyam for depositions. Earlier this month, Upaid had filed a motion in the Texas district court requesting depositions of Satyam���s founder and chairman B Ramalinga Raju, chief financial officer V Srinivas, and global head of corporate governance G Jayaraman, after the software company���s aborted bid to buy two firms linked to its promoters.
A Satyam spokesperson said that the company would be filing its reply by the end of this week Upaid and Satyam are locked in a two-pronged legal battle, one, a forgery case filed by Upaid against the Satyam management seeking damages of over $1 billion, and the other, a disparagement case by Satyam against the little known UK-based company.
The forgery case dates back to early-2000, when Satyam was working on a contract job for Upaid. Upaid said that it ran into problems with Qualcomm and Verizon, and had to settle the case with them under grossly unfavourable terms due to alleged forgery by Satyam officials. The US Federal Court proceeding in this case is currently scheduled for a Texas jury trial in June 2009.
Satyam Computer had planned to acquire two firms ��� Maytas Infra and Maytas Properties ��� promoted by the Raju family. But the plan was called off after shareholder���s revolt.
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Upaid had alleged that Satyam���s $1.6-billion acquisition plan was meant to strip surplus cash from the company to benefit the family of the company���s founder and chairman. Shares of Satyam Computers surged 5.95%, or Rs 9.55, to Rs 170.15 on the Bombay Stock Exchage on Wenesday.
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