Satyam to pay US$68 million to settle fraud claims
- — 18 December, 2012 00:16
Mahindra Satyam will pay US$68 million to Aberdeen Global and 22 other funds in order to settle claims for alleged fraudulent misrepresentations.
The allegations of fraudulent misrepresentations were made by the former management of Satyam in London.
In a Bombay Stock Exchange (BSE) filing, Mahindra Satyam said that it signed a confidential settlement agreement to settle these claims made by those who are said to have lost about US$298 million.
Mahindra Satyam has been able to fully and finally dispose the claims through this settlement, according to the company's statement in the BSE filing.