New Delhi: Tata Consultancy Services (TCS) today said it has set aside Rs 2,745 crore (USD 420 million) as contingent liability following the reduced damages pronounced by a US court in its legal tussle with Epic Systems Corporation.
The company, in a regulatory filing, asserted that it has received legal advice that the order and the reduced damages awarded "are not supported by evidence presented during the trial and a strong appeal can be made to superior court to fully set aside the order".
In April last year, TCS received an unfavourable jury verdict awarding damages totalling Rs 6,145 crore ($940 million) to Epic.
However, last month, the Mumbai-based company received a Court order that reduced the damages to Rs 2,745 crore to Epic.
TCS added that "an amount of Rs 2,745 crore is considered as contingent liability".
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