Mahindra satyam wins upaid ruling
Mahindra Satyam on Tuesday said it had won a New York court ruling to withhold taxes from a $70-million settlement payment to Britain-based Upaid Systems Ltd.Updated: Aug 17, 2010 23:27 IST
Mahindra Satyam on Tuesday said it had won a New York court ruling to withhold taxes from a $70-million settlement payment to Britain-based Upaid Systems Ltd.
The Supreme Court of New York denied a motion brought by Upaid that it was entitled to receive the full amount, and ruled it must co-operate with the escrow agent, IDBI Bank, to allow Mahindra Satyam to hold back any applicable taxes.
Mahindra Satyam, formerly Satyam Computer Services, had agreed last December to pay $70 million to Upaid in a patent suit settlement.
In February, it had filed the lawsuit in New York against Upaid, which facilitates payments via mobile phones, seeking to declare the settlement pact between the companies valid and enforceable.
First Published: Aug 17, 2010 23:25 IST