Satyam withdraws damage suit against Upaid

Beleaguered Satyam Computer Services has withdrawn the disparagement case against UK-based mobile solutions firm Upaid. A Satyam spokesperson confirmed that the company had withdrawn the disparagement case, but did not give any reasons for the same.

Upaid chairman and CEO Simon Simon Joyce told Business Standard, "Yes, Satyam has withdrawn the disparagement case and they have done so unilaterally. But I do not think that this will impact the primary case of fraud and forgery.

"We have been saying this from the very start that both these cases are different though the earlier management at the IT firm wanted to connect them." The primary case comes for hearing in June 2009 at the Texas Court.