New Developments on Satyam Fraud
*Indian IT Crook Satyam Names Insider A.S.Murty CEO
*Indian Outsourcing Crook Ramalinga Raju Arrested
*Satyam Board Kicked Out, Hooray
* Ram Mynampati Vows to Stay at Satyam; Kick Him Out
* Trading in Satyam Still Halted on NYSE
* We are Big Time Crooks, Confesses Satyam
* 53,000 Satyam Coolies Up Shit Creek; Massive Layoffs Likely
* Satyam Makes Another Big Mistake – Names Insider Ram Mynampati Interim CEO
* Crook Raju Wipes Out Rs 10,000 Crore in Market Cap
* Satyam – The Perils of Outsourcing
* End of the Road for Satyam Computer
* Satyam Chairman Ramalinga Rajuâ€™s Arrest Imminent
* Satyam Shares Crash After Massive Fraud Revealed
* Are Infosys, Wipro & Mindtree Crooks Too?
* Satyam Fraud – Is Nasscom Sleeping?
*After the Shit Hits the Fan, Satyam Kisses Employees Ass
It sure looks like Indian IT software house Satyam Computer Services is well and truly screwed in the latest round of a forgery case involving Satyam and online and mobile payments specialist Upaid Systems.The forgery case involves an old outsourcing job done by Satyam.
Upaid SystemsÂ said today that the Court of Appeal in London affirmed a January High Court Judgment in Upaidâ€™s favour against Satyam Computer Services, rejecting Satyam’s effort to block Upaidâ€™s fraud and forgery claims in a Texas court.
Upaid said the decision confirms an earlier High Court judgment in favour of Upaid on all points.
Responding to the UK court’s ruling, a Satyam spokesperson said:
The current decision in the UK court has determined the jurisdiction lies in the U.S. and the underlying case is expected to be tried in 2009. The U.S. case is in a very preliminary stage and has to undergo the due process of law and Satyam is confident that it has merits in this case and will contest the case.
The latest ruling allows Upaid’s lawsuit against Satyam alleging forgery, fraud, misrepresentation, and breach of contract, to proceed to a US trial by jury in a Texas federal court.
Upaid originally filed the Texas lawsuit in April 2007 following the disclosure in Texas of forged documents previously provided by Satyam to Upaid.
Satyam had sought a High Court injunction in London in September 2007 to try to block the Texas case, arguing that a 2003 commercial agreement terminating the relationship between the two companies precluded all future claims against it for all past practices and that any residual claims against it had to be tried in London.
Upaid said the High Court refused Satyam’s request in January 2008. After hearing testimony from senior executives of both companies and legal experts in a four day trial, the Court is said to have ruled that the Texas claims could proceed. Satyam appealed this decision, and it was this appeal which was comprehensively dismissed last Friday by a Court of Appeal panel presided over by Lord Justice Waller, Vice President of the Court of Appeal Civil Division, according to Upaid.
Costs were awarded against Satyam, according to Upaid.
For details on the case, please click below link:
Indian IT Crook Satyam Names Insider A.S.Murty CEO
Satyam to Employees – Youâ€™ll get January Salary
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Satyam gets 3 New Directors
Indian Outsourcing Crook Ramalinga Raju Arrested
Satyam Board Kicked Out, Hooray
Ram Mynampati Vows to Stay at Satyam; Kick Him Out
Trading in Satyam Still Halted on NYSE
We are Big Time Crooks, Confesses Satyam
Crook Raju Wipes Out Rs 10,000 Crore in Market Cap
End of the Road for Satyam Computer
53,000 Satyam Coolies Up Shit Creek; Massive Layoffs Likely
Satyam Chairman Ramalinga Rajuâ€™s Arrest Imminent
Are Infosys, Wipro & Mindtree Crooks Too?
After the Shit Hits the Fan, Satyam Kisses Employees Ass
Satyam Shares Crash After Massive Fraud Revealed
What the Hell is Really Happening at Satyam?
Investors To Satyam Raju – Drop Dead