On November 20, the United States Supreme Court dismissed Tata Consultancy Services' petition to appeal against an order that imposed punitive damages amounting to $140 million.
TCS disclosed its intention to reflect the remaining provision of around $125 million in its financial statements as an exceptional item for the third quarter and the nine months ending on December 31, 2023.
In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and as part of its ongoing filings since April 2016, TCS notified shareholders of the latest development in the EPIC Systems Corporation matter.
The Supreme Court's decision upheld the orders from the US Court of Appeals, 7th Circuit, affirming the District Court of Wisconsin's punitive damages award of USD 140 million against TCS.
(With Agency Inputs)