Mahindra Satyam cleans up litigation

A day after Mahindra Satyam settled its dispute with the US market regulator, Securities Exchange Commission (SEC), Mahindra Group’s MD and vice-chairman Anand Mahindra said the IT company has settled all but one legal disputes. Mahindra Satyam has been confronted with a series of legal charges after its former promoter admitted to financial frauds. M&M took over the troubled company in June 2009 and undertook a cleanup of its books. “With settling of dispute with SEC, we have settled all cases except one pertaining to a class-action suit in the US. Mahindra Satyam is cashrich and will pay the penalty from its balance sheet,” Mahindra said. Satyam agreed to pay $10 million to SEC without admitting or denying allegations of any wrongdoing. The recompense concluded the SEC’s investigation into scam, on Tuesday. Mahindra refrained from commenting on the case between Satyam and the income tax department “as the matter is sub-judice.”