TCS to make Rs 1,218 cr provision for claims in Epic Systems case

In a seperate filing, TCS also informed that it will also consider share buyback proposal during its board meet to accept second-quarter results on Wednesday

Tata Consultancy Services will be making a precautionary provision of Rs 1,218 crore in a trade secret theft lawsuit involving medical software company Epic Systems. India’s largest software company will make a provision of Rs 1,218 crore as an exceptional item in the upcoming results to be announced on October 7 as a provision in the books for a legal claim in the Epic Systems matter.

In August, an appeals court in the US upheld that the punitive damages of $280 million against TCS in the lawsuit were ‘excessive’. The court halved the damages to $140 million. “TCS is legally advised that it has the correct and the strongest possible arguments in its favour and the order and reduced damages are not supported by facts presented during the trial”, according to its exchange filing.

In September 2020, TCS filed a petition seeking re-hearing on both compensatory and punitive damages. EPIC has also filed a petition seeking re-hearing on the decision of the Appeals Court invalidating award of punitive damages exceeding the quantum of compensatory damages. “The provision in the books for the legal claim is being made as a matter of prudence”, TCS said. The matter relates to a US grand jury order that slapped two Tata Group companies — TCS and Tata America International Corp.—with a $940 million fine in a trade secret lawsuit filed against them by the Wisconsin-based health care software firm in 2016…Read More

Comments

Best Unconventional Workout and Sporting Activities for Summer

In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Summer is the season of holidays, picnics, outings and beaches. With travel and binge eating proper workout becomes that much more essential in summers. But with heat and the sun outdoors, an individual has to balance his indoor and outdoor activities to get a fulfilling workout. In summers, depending upon conditions and circumstances one can incorporate both outdoor and indoor activities in their training schedule. Mentioned below are some of the best physical and sporting activities that one can use as a workout to stay fit in the summer season. Beach Sports - If in summers one is going to spend much time on beaches or at a beach destination then one may use beach sporting activities such as beach rugby, beach soccer, beach tennis and beach volleyball to stay fit. All of these sporting activities on sand provide a ...

PSU bank employees go on two-day strike; services hit at many places

Employees of public sector banks went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country Employees of public sector banks (PSBs) on Thursday went on two-day strike against the move to privatise public sector banks impacting normal banking operation across the country. Many branches across different parts of the country were shut as the United Forum of Bank Union (UFBU), an umbrella body of nine bank unions including All India Bank Officers’ Confederation (AIBOC), All India Bank Employees Association (AIBEA) and National Organisation of Bank Workers (NOBW) had given two day strike call. As a result, services such as deposits and withdrawal at branches, cheque clearance and loan approvals might be affected due to the strike. But ATMs are expected to function as usual. Public sector lenders, including State Bank of India, had informed customers that services in their branches might be affected due to ...

'When rape is inevitable, enjoy it...': Congress MLA in Karnataka Assembly

Senior Karnataka Congress leader KR Ramesh Kumar made a sexist and unsavoury comment on rape in the state Assembly Senior Karnataka Congress leader and former Karnataka Assembly Speaker KR Ramesh Kumar on Thursday made a sexist and unsavoury comment on rape in the state Assembly. Speaking in the Assembly, Kumar said, “There is a saying that when rape is inevitable, lie down and enjoy it. That is exactly the position in which you are.” The senior Congress MLA’s remark was made when MLAs began to demand time from Speaker Vishweshwara Hegde Kageri to discuss farmers’ issues in the Assembly. When the Speaker asked how the Session would be conducted if the time was allotted to everyone. “Whatever you decide I will say yes. What I am thinking is that let us enjoy the situation. I can’t control or regulate the system, my concern is about the business of the house, it has also to be covered,” the Speaker told the members. To this, the Congress MLA Ramesh Kumar mad...

Budget 2018-19

Search This Blog