A bondholder petition against Zenith Infotech is expected to be heard in India court on October 26, according to MoneyControl.com, a financial portal in India. Zenith Infotech confirms that it defaulted on a bond payment in September 2011, but CEO Akash Saraf says the company is financially solvent, stable and strong.
The bondholder petition, as previously reported, demands that Zenith Infotech and Summit Partners disclose financial details about the recent Zenith RMM spin-out. MSPmentor will track the October 26 court hearing, but debt default cases can sometimes take months or years to wind through the legal system. In the meantime, Zenith Infotech continues to prep cloud product upgrades while attending major partner conferences.
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Posted In: Asia | Cloud Computing | Finance | Help Desk and NOC Services | North America
Tags: Akash Saraf | Backup and Disaster Recovery | Bond Default | Debt Default | Summit Partners | Zenith Infotech | Zenith RMM
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