Mahindra Satyam US Suits: Govt Extends Support

by CXOtoday Staff    Jul 13, 2009

The Indian government has extended all help to Mahindra Satyam, the new avatar of Satyam Computer Services, in resolving class action suits it is facing in the US.

The legally-embroiled Satyam Computers was recently acquired by Tech Mahindra.

Speaking to the Press after meeting members of the Mahindra-Satyam Board recently, Salman Khurshid, the corporate affairs minister, said, "We discussed it and tried to elicit information on other class action suits which have been settled out of court."

Khurshid said the option of out-of-court settlement is for the Mahindra Satyam board to sort out. "We will support them in whatever help they want," he said.

Earlier, the minister met Kiran Karnik, board chairman, and Vineet Nayyar, the executive vice chairman of Mahindra Satyam.

According to sources, the suits that Satyam is facing abroad could result in a liability running into crores for Mahindra Satyam.

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