Yokogawa Drags Soffia To Chennai High Court

The Bangalore-based Yokogawa has filed a petition against Chennai-based Soffia Software Ltd over non-payment of dues of about Rs 1 crore. The case pertains to a body-shopping arrangement between the two companies, under which Soffia placed Yokogawa employees abroad.

Soffia Software provides turnkey software solutions high-end consulting, while Yokogawa is an IT company which deals with body shopping arrangements.

S Porchelvan, company secretary of Soffia Software, said the company had no comment to make for now and the matter was sub-judice.

Soffia is facing a similar petition from a foreign air-conditioner manufacturer.

In November 2000, the company had said that it was planning to acquire two US companies and had gone on record to say that it was planning to spend $6-$10 million on the two acquisitions.

Market sources said the company was going for a private placement soon to raise further funds at a premium to its current market price.

The company's stock closed at Rs 35.45 on the Bombay Stock Exchange today and witnessed very low volumes of Rs 2.57 lakh.

For the year ended June 30, 2001, the company recorded a cash profit of Rs 16.32 crore on a turnover of Rs. 43.28 crore.