Mahindra Satyam said on Wednesday its board had approved a settlement agreement under which it will make total payments of $70 million to Upaid Systems Ltd.
The Indian outsourcing company, formerly known as Satyam Computer Services, said it would make a first payment of $45 million within 10 days of getting regulatory approval of the settlement.
A second payment of $25 million would be made within a year of the first payment, the company said in a statement.
The settlement requires Upaid to give Mahindra Satyam a worldwide royalty-free licence on its patents, and provides for the dismissal of all pending actions between parties.
Source : http://www.expressbuzz.com/edition/story.aspx?Title=Mahindra+Satyam,+Upaid+settlement+approved&artid=2vy3XxxTsFE=&SectionID=XT7e3Zkr/lw=&MainSectionID=XT7e3Zkr/lw=&SectionName=HFdYSiSIflu29kcfsoAfeg==&SEO=
