Business Line
Business Daily from THE HINDU group of publications
Friday, Oct 13, 2006 - ePaper
http://www.thehindubusinessline.com/2006/10/13/stories/2006101300960500.htm

Info-Tech - Courts/Legal Issues
Vmoksha seeks compensation from Helios and Matheson
Our Bureau - Chennai , Oct. 12

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."