Mahindra Satyam has increased its out-of-court settlement offer to Upaid by four times to USD 40 million, sources told CNBC-TV18’s Kritika Saxena. Upaid had rejected the earlier USD 10 million offer. The settlement is on high priority for Mahindra Satyam but Upaid may not be satisfied with the new offer.
According to sources Mahindra Satyam is looking aggressively to increase the out-of-court settlement offer that they have made for Upaid. They have increased the offer from USD 10 million to USD 40 million which is four times the earlier offer. There has been a separate team set aside in order to decide what is the exact out-of-court settlement that they would be making in fact they are pitching aggressively for this offer.
Upaid not happy?
Meanwhile, Upaid is still not happy with this amount of USD 40 million. When we contracted the company -- they clearly stated that while they could not give us specific and detailed explanation as to the out of court settlement. They were clearly not happy and this amount is not acceptable to Upaid while Mahindra-Satyam do not offer us a comment on that and said that this was speculative and they could not talk about this specific out of court settlement.
Backdrop to Upaid-Mah Satyam row:
Upaid is seeking about USD 1 billion by way of damages on account of alleged fraud and forgery by the company. So yes Mahindra Satyam is definitely working hard to woo Upaid but we will have more on this later on
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