Breaking News

You are here » Indian-Commodity  :  Corporate  :  Mahindra Satyam enters into confidential settlement agreement against Aberdeen claims


Mahindra Satyam enters into confidential settlement agreement against Aberdeen claims

Mahindra Satyam has entered into a confidential settlement agreement settling claims brought in the commercial court in London by Aberdeen Global and twenty-two other funds (Claimants) managed by Aberdeen Asset Management PLC (Aberdeen) and/or its subsidiaries (the Claims).

The Claims included certain allegations of fraudulent misrepresentations said to have been made by the former management of the company in London and relied upon by the Claimants' investment manager and/ or communicated in meetings alleged to have taken place in London.

The Claimants have claimed that they have suffered losses of an estimated sum of USD $298,339,978 and additional consequential losses. By virtue of the settlement, the Claims have been fully and finally disposed of on the basis of a payment by company of $68 million.

Earlier, in July 2012, the Company settled claims by other Aberdeen-affiliated former investors brought in the United States. A class action brought in the United States on behalf of other former investors in the Company was also settled in February 2011.

Related News

View all news

Lords Ishwar Hotels receives Liquor licence to sell foreign liquor at its premises

Lords Ishwar Hotels has received the Liquor Licence from Superintendent of Prohibition & Excise Department, Vadodara to sell foreign liquor at its premises to the permit holders under the provisions......

Cairn India's average gross production up 1% in H1 FY15

Cairn India's average gross production for H1 FY16 was stood at 207,538 barrels of oil equivalent per day (boepd), slightly up by 1% year-on-year (y-o-y). The increase in production was mainly driven by......

TCI gets nod for demerger plan

Transport Corporation of India (TCI) has received its board approval for the scheme of arrangement between the company and its wholly owned subsidiary -- TCI Express -- with the aim to eventually list......

Top News

View all news

DLF, Tata Motors, FCEL and Future Retail to see some action today

K P Singh and his family, promoters of India's largest real estate company, DLF, will sell their 40 percent stake in the company's rental arm, DLF Cyber City Developers (DCCDL), to institutional investors.......

L&T, Bharti Airtel and Kotak Bank to see some action today

Indian engineering major, Larsen & Toubro (L&T), in partnership with Korea's Samsung Techwin (STW), has bagged Rs 4,875-crore ($750 million) order for supplying the Indian Army with 100......

NTPC, Coal India, Biocon and NBCC to see some action today

State-run NTPC will consider selling electricity to Bangladesh from its upcoming 750 MW plant at Kokrajhar in Assam once the neighbouring country finalizes plans to buy power from Palatana project in Tripura.......