Mahindra Satyam approves settlement with Upaid

MUMBAI, INDIA: India's Mahindra Satyam said on Wednesday its board had approved a settlement agreement under which it will make total payments of $70 million to Upaid Systems Ltd.

The Indian outsourcing company, formerly known as Satyam Computer Services, said it would make a first payment of $45 million within 10 days of getting regulatory approval of the settlement.

A second payment of $25 million would be made within a year of the first payment, the company said in a statement.

The settlement requires Upaid to give Mahindra Satyam a worldwide royalty-free licence on its patents, and provides for the dismissal of all pending actions between parties.