London Court has directed Geodesic to pay Citibank a sum of $157.06 million (over Rs 976 crore) in a case filed by bondholders against the company. Besides, the company has also been directed to pay over $14.88 million (Rs 92.5 crore) of unpaid default interest (up to and including February 7, 2014) and $39,266.06 (Rs 24.39 lakh) per day of default interest from February 8, 2014 to the date of payment. The Court is also ordered that the company would also have to pay the cost of the proceedings i.e. £122,500 excluding of VAT.
Geodesic incorporated in 1999, is engaged in providing innovative software products which operate across various platforms of landlines, mobile phones and desktops/laptops. The company is headquartered at Mumbai, India. It caters to niche market and has product portfolio that includes solutions for Instant Messaging, Voice-over-IP and Internet Radio.
