New Delhi, June 14: In what could be good news for
the shareholders of IT firm Satyam Computer, the outgo on
legal disputes may not exceed Rs 580 crore against the
reported Rs 10,000 crore and perhaps this is the reason the
new owner Tech Mahindra is not unduly perturbed about this.
Tech Mahindra is also hoping to settle some of disputes
within six months while a few may take another couple of
years, highly placed sources said.
"We don`t expect the expenses related to the legal
disputes to run as high as reported in certain sections in the
media. We expect some of the cases such as the Upaid case to
get over by November this year. The US class action suits will
get over in another two years," a senior official said on
conditions of anonymity.
After the admission of a massive financial fraud by
Satyam`s disgraced founder B Ramalinga Raju in January this
year, the government superseded the company’s board, which
later decided to sell Satyam Computer to Tech Mahindra.
By that time, about 12 lawsuits had been filed against
the IT firm in various US courts, with many charging the
company with duping thousands of investors of billions of
dollars.
There were reports that Satyam could face legal and other
claims that could put a burden of up to Rs 10,000 crore on it.
Bureau Report
