Upaid Confirms Motion in Collin County

by CXOtoday Staff    Dec 22, 2008

Further to the announcement last Friday, Upaid, the online and mobile payment services company confirmed that it has filed the motion in Collin County, Texas district court requesting depositions from top Satyam executives.

The firm is requesting depositions by the Satyam chairman Ramaliga Raju, CFO, and head of corporate governance in relation to the aborted deal to buy Maytas Properties and Maytas Infra.

The Hyderabad-based Maytas Properties and Maytas Infra are run by Satyam CEO Raju s two sons - Rama Raju and Teja Raju.

Upaid has called the Maytas deal an asset stripping attempt . Satyam has a cash surplus close to $1.6 billion and could face suits in US courts filed by Upaid alleging fraud. Upaid is saying it suffered damages in business in excess of $1billion.

Satyam had announced that its board of directors had given their approval for a majority stake takeover of Maytas Infra and a 100% stake takeover of Maytas properties. The company had later said that it was abandoning these plans after stakeholders raised a hue and cry, alleging that the acquisitions were overpriced.