Friday, 1 March 2013

Tata Consultancy - Updates

Tata Consultancy Services Ltd has informed BSE that :

"TCS has filed a settlement with the Court, in a Class Action Law Suit pending in U.S. District Court, California Northern District, for approval of the Court. This settlement involves the payment of, in all inclusive, settlement amount of USD 29.75 million by TCS. The settlement is made without admitting any wrong doing by TCS.

This settlement is subject to fairness review and approval by the Court and settlement will not become effective until and unless approval by the Court is given.

TCS believes that it has always acted appropriately notwithstanding the allegations in the case. The Company has admitted no wrong doing and none has been found by the Court. It agreed to settle this matter to eliminate any ongoing distraction to its associates and the Management

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