Following a deep financial crisis, Satyam Computers has finally withdrawn the disparagement case against Upaid. Upaid had said it has filed a motion in Collin County, Texas district court requesting depositions from top Satyam executives. According to sources, the company has decided to withdraw as there are other major issues to be discussed on the financial front.
To recall, online and mobile payment services leader, UK-based Upaid Systems is already fighting a forgery case against Satyam in a US court, had filed a motion against Satyam Computer Services with the state court, saying they are looking for a testimony from Ramalinga Raju, CFO Srinvas Vadlamani, and the company's Head of Corporate Governance Jayraman after the abortive Maytas deal.
In an earlier release, Upaid said Satyam is facing suits in the US Federal and state courts filed by Upaid claiming fraud, forgery and breach of contract, as a result of which Upaid has suffered damages to its business and prospects in excess of $1 billion. The Federal Court proceeding is currently scheduled for a Texas jury trial in June of 2009, and Satyam is facing the potential of a very sizable judgment against it.
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