Satyam Fights Tax Bill For $70M Upaid Settlement

Law360, New York (February 22, 2010, 7:11 PM EST) -- Satyam Computer Services Ltd. sued Upaid Systems Ltd. on Monday to avoid getting stuck with the bill for tax liabilities on a $70 million settlement in escrow, which the Indian company shelled out to resolve a breach of contract spat with Upaid over intellectual property rights.

Satyam filed a complaint seeking declaratory judgment against Upaid in the Supreme Court of the State of New York, County of New York, accusing Upaid of breaching the December 2009 settlement agreement that compelled Satyam to fork over $70 million...
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