KPIT Technologies announces closure of litigation with Copart

KPIT Technologies announced that with reference to law suit filed by Copart Inc. (Copart) against Sparta Consulting Inc. (Sparta), KPIT lnfosystems, Inc. and Birlasoft (Formerly KPIT Technologies ) (Old KPIT), Sparta Inc, a subsidiary of Birlasoft entered into a settlement agreement for the ongoing lawsuit over last few years with Copart Inc.

Both the parties have reached an amicable settlement agreement for USD 2.8 million (Rs 19.46 crore) payable by Sparta Inc to Copart Inc. with no party admitting any liability or wrong doing, resulting in the Court dismissing the case.

As defined in the composite scheme of arrangement between the parties, the Company through its Subsidiary in USA has reimbursed Sparta Inc. fully and the same has been accounted for during the quarter for USO 2.8 million (Rs19.46 crore). With this outcome, the matter related to Copart is closed and there is no further exposure for the Company.

Powered by Capital Market - Live News