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Satyam-Upaid case may be settled for $10mn: Sources

Even as the Upaid class action lawsuit against Satyam dangles over the crisis-ridden outsourcing giant like a sword, it is now learnt from sources that the case could be settled at a measly USD 10 million, a far cry from the USD 1 billion Upaid was once demanding. CNBC-TV18’s Vivek Law reports.

The Upaid case dates back to 1999 and relates to forgery and fraud that Upaid accused the earlier Satyam management of. However, Upaid declined to comment on the news.

Sources added that Satyam, with a new owner  ‘Tech Mahindra’  in place has started negotiations with other class action suits that relate to the Satyam scam masterminded by its former chairman B Ramalinga Raju.

In other developments, it is also learnt that Satyam will disclose 95% of information contained in its data room to shareholders, say sources. The confidential information was earlier only given to bidders who had qualified for the second stage of the Satyam bid. The information will be part of the open offer document that has been filed with market regulator Securities and Exchange Board of India (Sebi) and is awaiting approval. Tech Mahindra, which picked up a 31% stake in Satyam following the bid will need to make the open offer for another 20% that it wants to pick up for a controlling stake in the company.

Source: moneycontrol