2014 (10) TMI 37

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....shareholders of American Depository Shares have filed suits against Satyam Computer Services Limited (Indian Company) as well as against Pricewaterhouse Coopers, Bangalore and Pricewaterhouse Coopers LLP, USA claiming damages on account of the alleged admitted fraud in the representations to the Authority governing the stock exchange under the Securities Exchange Act, 1934 and the Securities Act of 1933 (both USA Acts). Those suits were consolidated as a class action suit and the petitioners herein were nominated as lead counsel. 3. In those suits a settlement was arrived at whereby the Indian company was required to pay damages to the extent of USD 125 million and Pricewaterhouse Coopers (Bangalore) and the Pricewaterhouse Coopers LLP (US....

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....US. 5. While the matter was pending before the Authority for Advance Rulings, the entire funds available in the Segregated Account were transferred to the Initial Escrow Account in New York. However, thereafter the Authority for Advance Rulings, by virtue of its Ruling dated 27.08.2012, determined that the said amount was taxable in India and therefore tax ought to have been deducted at source prior to the payment to the beneficiaries. Consequently, 30% of the funds which had been transferred from the Segregated Account to the Initial Escrow Account were returned to India and they continue to be deposited with the Revenue Authorities. It is thereafter that the remaining funds were transferred to the Qualified Settlement Fund. 6. The prima....