Satyam is trying to limit its liability by saying a pension fund cannot join US litigation sparked by the scandal.
Satyam said the Mississippi Public Employees’ Retirement System (PERS), which claimed it lost $12.7 million, was not qualified to join in a dozen US securities-fraud lawsuits filed by other investors, because it bought Satyam’s common shares rather than its American depositary receipts (ADRs) , the focus of the litigation.
“Mississippi PERS does not belong to any purported class in this action,” the Hyderabad-based company said in a March 26 court filing.
The company is putting itself up for sale as it faces the proposed class-action, or group, lawsuits filed on behalf of ADR buyers. ADRs, are issued by US banks to allow investment in non-US companies.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app