Mumbai: After the announcement of settlement with Spreadtrum Communications Inc. and Beijing Uni, Sasken Communication Technologies surged by 20% to Rs 379 on the BSE to register its biggest intraday percentage gain since July 2014
The company had earlier reached settlements in connection with the unauthorized use of Sasken’s Protocol Stack IP, by the said companies. The formal settlement document is expected to be finalized in the next few days. Spreadtrum will pay Sasken $45 million as damages / compensation before March 31, 2016 towards this settlement.
This settlement brings an end to the ongoing arbitration and terminates all ongoing obligations of the parties under the relevant agreements, said Sasken Communication in a statement.
Sasken Communication Technologies offers a range of services in areas of research & development consultancy, wireless software products and software services, and works with network OEMs, semiconductor vendors, terminal device OEMs and operators across the world.