TCS Penalty: There is a bad news for the country’s leading IT company TCS. A US court has fined the company $194 million for misusing trade secrets. According to the report of Times of India, the US court has imposed this penalty for misuse of IT Services DXC (earlier company name CSC) trade secrets.
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The court has said in its decision that TCS will have to pay $56 million in damages and $112 million in explanatory damages. The court has said in its order that prejudgment interest of $25 million will have to be paid before June 13.
A deal worth billions of dollars was canceled last year
In 2018, TCS had received a deal worth $2.5 billion from US insurance company Transamerica. According to this deal, all facilities were to be provided on a single platform to 10 million customers of Transamerica. This deal was canceled in June last year. The deal was then canceled citing macroeconomic conditions.
In the information given by TCS to the regulator, it has been said that the impact of this decision will not make much difference on their financial conditions. Also, there will be no impact on operations.
