Hyderabad-based consulting and IT services provider, Mahindra Satyam, today said that it has settled claims brought in the Commercial Court in London by Aberdeen Global and twenty-two other funds managed by Aberdeen Asset Management PLC and its subsidiaries that had claimed damages.
The company has entered into a confidential settlement agreement with Aberdeen Asset Management and paid $68 million, Mahindra Satyam said in a filing to the Bombay Stock Exchange.
The claims included certain allegations of fraudulent misrepresentations said to have been made by the former management of the company in London and relied upon by the claimants’ investment manager and communicated in meetings alleged to have taken place in London.
The claimants had claimed damages of $298.3 million.
In July 2012, the company settled claims by other Aberdeen-affiliated former investors brought in the United States. A class action brought in the United States on behalf of other former investors in the company was also settled in February 2011, the release said.
Mahindra Satyam's scrip is currently trading at Rs 103.55, down 0.24% over the previous close of Rs 103.80.