Sources close to the Mahindra Satyam - Upaid dispute have informed Bar & Bench that Quinn Emanuel’s Litigation Partner Andrew Roseman has been retained in the ensuing tax litigation dispute.
Sources close to the Mahindra Satyam - Upaid dispute have informed Bar & Bench that Quinn Emanuel’s Litigation Partner Andrew Roseman has been retained in the ensuing tax litigation dispute. In December, Bar & Bench had reported the settlement between Mahindra Satyam and Upaid.
Although the settlement was reached and was decided between the parties about the quantum of settlement, what was not decided was whether the tax on the settlement amount of $70 million (Rs. 325 crore) will be paid by Upaid or Mahindra Satyam.
Upaid claims that they agreed for a net settlement of $70 Million, which means that any tax liability for the settlement has to be paid by Mahindra. This may mean that Mahindra has to shell out anywhere between 30 and 45 percent, which is the tax liability in the United States.
As reported earlier, Jones Day continues to defend Satyam Computers in the class action litigation filed by the investors who purchased Satyam American Depository Receipts on the NYSE. Partners Jayant Tambe, David Carden and Geoffrey Stewart are defending Satyam. The New York District Court in its order had appointed Gancy Binkow & Goldberg LLP and Vianale & Vianale LLP as the lead plaintiff counsels.
Reference: In re Satyam Computer Services, Ltd. Securities Litigation No. 1:09-md-02027-BSJ (S.D.N.Y.)