TCS to provide for damages in US Epic company case – Times of India

MUMBAI: TCS, the country’s largest IT services company, said late on Sunday evening that it would be providing Rs 1,218 crore as an exceptional item in its Q2 numbers for fiscal 2021.
The company will announce the financial results on October 7. The exceptional item relates to the compensatory damages TCS has to pay with regard to the intellectual property lawsuit filed by Epic Systems.
A US appeals court in August had held a compensatory damage award of $140 million against TCS. The company said that it has filed a petition seeking a re-hearing on the compensatory damages in September.
On October 7, the company will also consider a proposal to repurchase its own stock at its board meeting, it said. The company, however, did not reveal any details on the share buyback proposal. In the past, TCS had disclosed that it plans to return at least 80% of its free reserves to shareholders. In 2018, it spent Rs 16,000 crore to buy back its stock from shareholders.