The motion moved by Upaid Inc seeking the deposition of three top executives of Satyam Computer Services will come up for hearing on January 7, 2009.
HYDERABAD: The motion moved by Upaid Inc seeking the deposition of three top executives of Satyam Computer Services will come up for hearing on January 7, 2009.
The Collins County court in Texas, US, will decide on that day on the issuance of summons to the executives for deposition.
The Satyam board is scheduled to meet on January 10 in Hyderabad.
Upaid had charged the Satyam executives of attempting to strip the IT major of all its assets before a pending fraud and forgery case between the two companies is decided. According to Upaid, if decided in its favour, the pending case would result in a payment of about $1 billion.
Upaid and Satyam have been locking horns on a patent case involving the allegations of forgery and fraud by Satyam.
Upaid accused the Satyam management of resorting to forgery in filing certain patent documents on a technology that was developed for Upaid when it was a client of the Hyderabad-based company.
Meanwhile, with the Satyam-Maytas deal backfiring and the New York Stock Exchange-listed IT company coming under pressure from investors to withdraw its decision to acquire two construction companies promoted by Satyam chairman B Ramalinga Raju by paying $1.6 billion, Upaid moved a court in Texas seeking the deposition of Raju, the company’s CFO V Srinivas and head of corporate governance G Jayaraman as they were believed to the individuals in know of the facts of the developments in Satyam.
The motion seeking their deposition if accepted by the court would result in all the three executives submitting themselves to the court and explain on the status of the Maytas controversy and its impact on the funds available with Satyam.
Upaid has termed the Maytas deal as a plot by Raju to take away the funds from Satyam’s accounts before the Upaid forgery case is disposed of.
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}
)
){kind=small}
){kind=small}
)
)
)
)
)
){kind=small}
){kind=small}
){kind=small}
){kind=small}
){kind=small}