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Satyam agrees to pay $125 million to settle shareholder lawsuit

In a mammoth case of corporate fraud dubbed the Indian Enron, Mahindra Satyam, formerly known as Satyam Computer Services, has agreed to pay $125 million to settle its shareholder suit in a New York federal court.

The IT giant admitted to major inconsistencies in its accounts, amounting to a 100 billion rupees ($2.2 billion) deficit between its announced September 2008 accounts and its actual books.

Satyam

Satyam Computer Services: bought by Tech Mahindra, backed by Mahindra & Mahindra and BT