The Hindu Business Line : vMoksha seeks compensation from Helios and Matheson

vMoksha Technologies Ltd has claimed a compensation of Rs 50 crore from the Chennai-based Helios and Matheson for not fulfilling the obligation of merger between the two in 120 days as per the Sales Purchase Agreement dated May 11, 2005.

The Bangalore-based IT company has also claimed a compensation of Rs 200 crore "towards loss, hardship and mental agony suffered on account of acts of omission and commission by Helios and Matheson," according to a vMoksha statement.

The statement, featured in the company's Web site, also carries a copy of the letter sent on July 6, 2005 to Mr Rajeev Sawhney, vMoksha founder, by Akshar Maherally/Prema Joysuree, Secretary and Administrator, International Financial Service, a management company incorporated in Mauritius.

The letter says, "As requested, please find attached the advice slip received from State Bank of Mauritius Ltd for the funds transfer to Helios & Matheson Information. As mentioned, we are completely unaware how this transaction went through and when the company opened a bank account with State Bank of Mauritius Ltd, without a board resolution."

It may be recalled Helios acquired vMoksha in April 2005 for $19 million. After that, the transaction ran into rough weather with Helios claiming that Mr Rajeev Sawhney was against the completion of the deal.

In February, the Madras High Court passed an interim injunction restraining Mr Pawan Kumar, co-promoter of vMoksha, from carrying on any business or taking up any new employment or continuing in any other employment.

It also restrained Mr Sawhney, his associates and nominees from functioning as the Chairman and/or Chief Executive Officer or from altering the managerial structure and functioning of vMoksha.

A two-member Bench of the High Court comprising Chief Justice Mr A.P. Shah and Justice Mr D. Murugesan ordered that pending arbitration all the vMoksha shares would continue to be with the escrow agents, PricewaterhouseCoopers and Khaitan & Co.

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