Zeebiz.com
New Delhi/Hyderabad, July 28: Indian tech firm Mahindra Satyam has entered into an agreement of settlement on Saturday with Aberdeen Claims Administration for USD 12 million (Rs 66.7 crore) over claims that the investors it represented had sustained losses in their purchase of former Satyam Computer stock.
Reportedly, the total claim by Aberdeen was of over USD 68 million dollars.
The company said in its filing with the stock exchanges that it will have to deposit USD 12 million in an escrow account and the settlement was subject to an appropriate consent order by the US court.
With this agreement, the tech giants have been able to settle all its legal liabilities in the US. However, it still faces a lawsuit filed by Aberdeen Asset Management in a British Court in April this year seeking over USD 150 million in damages.