Financial Daily from THE HINDU group of publications
Tuesday, Jun 21, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 21, 2005 |
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Corporate
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Courts/Legal Issues Two firms get HC order to recover monies from HMA Our Bureau
Chennai , June 20 THE Chennai-based SSI Ltd has obtained an order from the Madras High Court that will help it recover Rs 4.36 crore from HMA Data Systems Ltd. SSI had paid this amount as part of a letter of intent it signed in April 2000 with HMA Data Systems to acquire India Switch Company Pvt Ltd (ISCPL). For various reasons the deal did not materialise and HMA also did not return the money. In April 2005, when HMA announced its intention to sell India Switch Company to eFunds Corporation, SSI first obtained an interim injunction from a city civil court and then sought the case to be transferred to the High Court. The Court has ordered that "if any shares of ISCPL or the undertaking of ISCPL is transferred and money obtained thereto," first priority will be given for giving the bank guarantee towards SSI's claim immediately on receipt of sufficient consideration. HMA has agreed to this and its CFO has filed an affidavit to this effect. In a separate order, the high court has directed ISCPL to pay a bank guarantee of Rs 5 crore favouring ACI (India) Inc, a software provider, for failing to comply with contract clauses for using its patented software in the automated teller machines operated by it. In a release, eFunds Corporation said that it has completed the acquisition of current ATM-managed services and payments processing interests of ISCPL from HMA.
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