$940-mn fine cloud on TCS

Two days before its results for the quarter ended March 2016, India’s largest information technology services provider Tata Consultancy Services (TCS) has been slapped with a fine notice of $940 million (Rs 6,204 crore) by a federal jury in the US in a trade secret lawsuit.

Though the trial court has not given its final verdict yet, TCS said it plans to defend its position. It also stated that the jury verdict will not have any impact on its Q4 and FY16 financial results.

If this fine is finally imposed, it would be nearly Rs 200 crore more than the company's net profit of Rs 6,083 crore in the third quarter of FY 16. Analysts have estimated the fourth quarter profit at Rs 6,277 crore, which would be just about enough to cover the fine.

The lawsuit was filed by Verona-based electronic medical records vendor Epic Systems in October 2014, and said TCS and its US subsidiary Tata America International Corp have taken confidential data from them.

The federal jury in the US State of Wisconsin ruled that TCS and Tata America International Corp must pay $240 million to Epic Systems for ripping off its software.

In addition, the Tatas have also been asked to pay $700 million in punitive damages.

In a statement, TCS said: “The company did not misuse or derive any benefit from downloaded documents from Epic System’s user-web portal. TCS plans to defend its position vigorously in appeals to higher courts. TCS appreciates the trial judge’s announcement from the bench that he is almost certain he will reduce the damages award.”

Restrictions, shutdown continue as tension grips Kashmir

Authorities have decided to continue the curfew-like restrictions in parts of Srinagar city and north and south Kashmir areas as tension gripped the valley on Saturday. With the death of another teenager in Army firing on Friday in Kupwara district, the toll in the five-day long unabated violence has risen to five.

Update from Corporate Marketing Team 31 DEC 2013

Tuesday, 31 December 2013

31 December 2013. 

Dear SpeakAsians, 

The year of 2013 has been a watershed in the history of SpeakAsia. The company fought with vigor against all odds to come out clean and ensure justice for all our vendors , employees and consumers. 

It was in mid December, 2013 we saw a few conclusive actions such as filing of provisional charge-sheet by EOW , Mumbai. This charge-sheet is being carefully examined by our legal team who will suitably respond at the appropriate time . However, we remain confident that we will absolve ourselves of all the alleged charges framed against us. 

We move on and welcome the year of 2014 with great expectations and hope . We at SpeakAsia , are confident that soon we will be able to put all our troubles behind and move forward to great glory and prosperity for all. 

We appreciate and thank all SpeakAsians for their support and encouragement . Together we can and we will make the year of 2014 full of joy and happiness for all of us. 

Wishing you all a happy and prosperous 2014 . 

Warm Regards 

Speakasia Corporate Marketing Team 



SOURCE:     http://speakasiaonlinemarketing.blogspot.in/

Positive change in recent times

Speakasian Friends

Many of us may think that Speakasia matter is closed and it will not come back again.
But as I am closely monitoring the case for last three years I have seen a very positive change in recent times.

For last three years, the company Speakasia made many effort to pay its Panelists, but as the Investigation was going on the effort made was not fulfilled. On the other hand AISPA stood bravely on behalf of the panelists under the leadership of few strong, dedicated, and brave leaders. AISPA did everything to safeguard the interest & money of the panelists. Through AISPA, every Speakasian bonded with the adjective Speakasian Community. Every Speakasian and the company wanted a solution.

Now, in recent times the most positive change I have seen in Speakasia matter is that the Indian Judiciary has realized now that Speakasia matter should come to a conclusion. In recent court orders various courts has observed that Speakasia matter is delayed. And investigating agencies should come to a conclusion to give a solution to this case. This is really a very positive and encouraging development for us. We have been waiting for this situation only for last three years and now it is coming gradually.

So, friends have patience and wait for the decision our judiciary. Surely we will get justice very soon.

With regards

Victor McFarlane

SpeakAsia Corporate Marketing Team UPDATE 21 DEC

Dear Panelist,


Further to our last update on the execution of the exit policy. we wish to inform our SpeakAsia community that we have finished analyzing the results of the first test batch of payouts that were sent.


We have identified certain roadblocks such as multiple claimants to the same panelist id or bank details not matching with the ones submitted at the time of applying for the exit policy, because of which not everyone got the remittance in their accounts.


We are at this moment addressing those issues and hope to have a resolution to them by the end of this month. Once we have the resolutions in place we will then send out a second batch of test payouts. On successful completion of this second batch we will commence the payout as per the exit policy.

We understand that there are delays in the process. One of the main contributor to this delay is the fact that we have had to do all the transactions and checking manually as our old automated systems are still under the custody of EOW Mumbai Police. We appeal to all the SpeakAsians to remain patient and bear with us as we work feverishly towards attaining our goals.

Warm Regards,
SpeakAsia Corporate Marketing Team

http://speakasiaonlinemarketing.blogspot.in