Mahindra Satyam case: NY Supreme Court orders withholding of taxes on settlement amount

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Mahindra Satyam case: NY Supreme Court orders withholding of taxes on settlement amount By TII News Service Aug 18, 2010 , Hyderabad
MAHINDRA Satyam today announced that the Supreme Court of the State of New York has declared in the lawsuit filed by the company against Upaid Systems Ltd that the Settlement Agreement requires that Upaid must cooperate with the Escrow Agent (1061 Bank Ltd.) to allow the Escrow Agent to withhold any applicable taxes from the USD 70 million Settlement Amount. The Court denied the motion brought by Upaid for summary judgment for a declaration that it is entitled to receive the total Settlement Amount of USD 70 million from the Company in satisfaction of Settlement Agreement, net of taxes. Mahindra Satyam's development and delivery centers in the US, Canada, Brazil, the UK, Hungary, Egypt, UAE, India, China, Malaysia, Singapore, and Australia serve numerous clients, including many Fortune 500 companies.

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