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December 5, 2011
Zenith Infotech, which is locked in a legal battle with bondholders, has assured the Bombay High Court that its publicly disclosed finances are accurate and properly reflect the sale of Zenith RMM to Summit Partners, according to The Economic Times of India.
Zenith Infotech defaulted on a bond payment back in September 2011. Bondholders took Zenith Infotech to court, seeking financial details about the Zenith RMM sale. Upon seeing the financial details, attorneys for the bondholders apparently alleged that Zenith Infotech’s public financial statements did not match private information shared with the court. But in a follow-up article, The Economic Times of India says Zenith Infotech stands by its financials, and insists public financial statements are consistent with private information shared with the court.
Meanwhile, Zenith Infotech has been working hard to keep the spotlight on its cloud services offerings for VARs and MSPs. The company recently announced an expansion initiative in South America, and Zenith Infotech CEO Akash Saraf in October publicly stated that the company remained on stable, focused and on firm financial ground.
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