Computer Services, which reported a profit of 1.6 billion euros during the October-December 2008 quarter, it is clear that they do not hear the request of its former directors to isolate cases loss or legal expenses in connection with cases and other procedures and investigations May be instituted against them on the basis of compensation concluded by them with the company.
"A number of independent directors of the company sought compensation for losses and for the fees and expenses in connection with cases and other proceedings and investigations May be instituted against them on the basis of the compensation concluded by them with the company, "said Satyam statement to the stock exchange on Tuesday.
The company has refused a request to promote the legal fees because it is prohibited by Article 201 of the Companies Act, 1956 to compensate former directors until they found not guilty in a proceeding, the statement said .
The statement also said Satyam has received letters from 37 companies to seek confirmation of the amounts allegedly owed by the company against them. The sum of the amounts claimed due to Rs. 1230 crore. The company is not allowed such claims to date.
Meanwhile, a PTI report Satyam is not yet out of the forest as it faces legal and other claims that until May last 10,000 crore.
According to Satyam submitted to the BSE crisis, there are four legal disputes over acquisitions abroad before the disclosure of these financial scandals, with the exception of Upaid disputes.
Disputes relating to the acquisition of United Caterpillar Market Research and Customer Analytics business unit, Chicago-based Bridge Strategy Group LLC, a Belgium-based S & V Management Consultants and the purchase of 50 per cent of participation in a joint venture with Venture Global Engineering LLC.
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