Upaid Confirms Motion in Collin County
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.
- Xerox Is Securing The Future Of Work
- Robosoft Technologies Appoints Ravi Teja As New CEO
- Outsourcing To India Is A Suitable Option For Another 3 Decades: Study
- Chatbots Will Change The Dynamics Of Recruitment
- Indian Firms Need To Improve Their IT Security Posture: Gartner
- A Look At The Indian Data Center Market In 2017
- Why Is Cloud Computing The Most Disruptive Force
- Leased Office Space Is The New Norm In Indian IT
- Solix Gearing Up For A Data-Driven Future In India
- Outsourcing: Key To Efficient Business Outcomes