New Delhi: Sasken Communication Technologies today said it has reached a settlement with China-based semiconductor vendor Spreadtrum wherein the latter will pay $45 million or Rs 300 crore as damages to it for unauthorised use of its protocol stack IP.
"We wish to inform you that we have reached a settlement with Spreadtrum Communications and Beijing UniSpreadtrum Technology in connection with the unauthorised use of Sasken's protocol stack IP, by the said companies," the company said in a filing to BSE.
This settlement brings to an end the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, Sasken said.
"Spreadtrum will pay Sasken $45 million as damages/ compensation before March 31, 2016 towards this settlement. The formal settlement document is expected to be finalised in the next few days," it added.
Rajiv Mody, CMD and CEO of Sasken said this award comes as a resounding validation of it being the industry leader in a host of mobility and digital technologies.
"In just over two decades we have successfully transitioned from being a pioneer in the product engineering space to a company that is admired and respected for its ability to provide world-class solutions to marquee customers in the wireless communication and physical to digital space," Mody said in a separate statement.
Neeta Revankar, Whole-time Director and CFO of the company said its abiding commitment to uphold core values and its faith in the alternative dispute resolution methods have always come in good stead.