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TCS to take $125 mn hit in Q3 earnings as US court awards damages in lawsuit
The United States Supreme Court on November 20 rejected the petition by Tata Consultancy Services to file an appeal against an order which had awarded punitive damages of $140 million.
New Delhi: The United States Supreme Court on November 20 rejected the petition by Tata Consultancy Services to file an appeal against an order which had awarded punitive damages of $140 million.
“The Company intends to make the balance provision of approximately $125 million in its financial statements as an exceptional item, for the third quarter and nine months ending December 31, 2023," TCS said in a filing.
“Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of our prior filings since April 2016, we hereby inform you that in the EPIC Systems Corporation matter, the United States Supreme Court on November 20, 2023 rejected the Company’s petition to file an appeal against the orders passed by the US Court of Appeals, 7th Circuit, which confirmed the punitive damages award of USD 140 million passed by the District Court of Wisconsin," TCS said.
