In the case of EPIC Systems Corporation, TCS said it would provide ₹1,218 crore as an exceptional item in the financial results for the three and six months ended September 30, 2020.
“On August 20, 2020, the U.S. Court of Appeals, 7th Circuit, Chicago, reduced the compensation award by reversing the decision on the appeal filed by TCS. The court ruled that the पुरस्कार 280 million fine was unconstitutional.” “And directed the trial court to reassess the punitive damages,” the report filed by TCS said.
The court upheld a पुरस्कार 1,140 million compensation award.
“TCS has legally advised that it may have sound and sound arguments in its favor and the order and reduced damages are not supported by the facts presented at the hearing. In September 2020, TCS filed a petition seeking re-hearing on the compensation and the two. Loss, ”TCS said.
The company said that EPIC has filed a petition for re-hearing on the decision of the appellate court and canceled the award of penalty in excess of the amount of damages.
“The provision in the books for asserting legal rights is being made as a matter of discretion,” it said.
The case relates to a US Supreme Court order that killed two Tata group companies, TCS and Tata America International Corp. In April 201, EPIC had filed a trade case against him.
On April 16, 2016, TCS made a disclosure to the stock exchange about a U.S. court decision regarding an intellectual property rights case involving EPIC systems.
On October 1, 2017, TCS said the court reduced the compensation and penal damages to 40 420 million from 40 940 million.
In May this year, the Securities and Exchange Board of India (SEBI) had warned TCS to be cautious in disclosing information to investors after the IC major did not clearly state the extent of the losses incurred in a case. US.
The regulator also told the company that the disclosure would provide investors with adequate, accurate, clear and timely information.