Country's largest software firm TCS has agreed to settle a suit filed by two former employees alleging violation of the rights of its non-US citizen workers in the US, reportedly for USD 30 million.
Highlighting that the US Court has found no wrongdoing by the company, TCS said it "believes that it always acted appropriately notwithstanding the allegations in this case." However, it did not disclose details of the settlement.
"The company has admitted no wrongdoing and none has been found by the court. It agreed to settle this matter to eliminate any on-going distraction to its associates and management," a TCS spokesperson said.
The lawsuit was filed in 2006 by two of TCS' former employees, Gopi Vedachalam and Kangana Beri. The lawsuit alleged that the company unjustly enriched itself by requiring all of its non-US citizen employees to endorse and sign over their federal and state tax refund checks, among others.
TCS stock price
On December 01, 2015, at 11:14 hrs Tata Consultancy Services was quoting at Rs 2362.55, down Rs 2.7, or 0.11 percent. The 52-week high of the share was Rs 2810.00 and the 52-week low was Rs 2333.00.
The company's trailing 12-month (TTM) EPS was at Rs 103.31 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 22.87. The latest book value of the company is Rs 230.50 per share. At current value, the price-to-book value of the company is 10.25.
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