Sebi warns TCS over disclosure of material information to investors

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has warned to be careful in dealing with disclosure of material information to investors after the watchdog found that the IT major did not prominently display the extent of damages related to a case in the US.


The regulator has also asked the company to ensure that disclosures provide adequate, accurate, explicit and timely information to the investors.



On April 16, 2016, made a disclosure to the stock exchanges regarding a US court verdict related to an intellectual property rights case with Epic Systems.


According to Sebi, the disclosure indicated that had received a jury verdict in lawsuit filed by Epic Systems in the court of Western District Madison, Wisconsin.


While the disclosure did not mention the $940 million penalty imposed against as part of the verdict, the said amount was shown as part of contingent liabilities when the the company announced its financial results on April 18, 2016, according to


In another disclosure made on October 1, 2017, TCS specifically mentioned that the court significantly reduced the compensatory and punitive damages of $940 million to $420

Virus Toll Surges In Russia As Europe Speeds Reopening

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The death toll from the coronavirus pandemic spiked again in Russia and the Americas on Friday, even as Europe’s experiment with reopening from lockdown grew bolder by the day.

Fresh restrictions in South Korea also signalled that there will be a long road back to normality from the pandemic that has killed more than 360,000 people and hammered the global economy.

Populations are learning to adjust to life with the long-term threat of infection as COVID-19 continues its march around the globe — with more than 5.8 million cases — and a vaccine remains elusive.





World toll of coronavirus infections and deaths as of May 10, 2020 at 1900 GMT
 AFP / Jonathan WALTER

Russia reported a record increase of 232 coronavirus deaths on Friday, just four days before the capital Moscow is due to ease its lockdown.

Authorities in Moscow, Russia’s virus epicentre, separately released mortality figures in a bid to dispel allegations they were under-reporting deaths.



In Chile's capital Santiago, municipal workers prepare to deliver boxes filld with essentials to families in economic need during the pandemic


In Chile’s capital Santiago, municipal workers prepare to deliver boxes filld with essentials to families in economic need during the pandemic
 AFP / MARTIN BERNETTI

They said a total of 1,561 people died in Moscow in connection with the coronavirus in April,

Hay Street Mall building sold for $2.9m

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Debt schemes at risk as volume of commercial paper collapses: India Ratings

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The daily average trading volume of commercial papers (CP) has fallen to less than 1 per cent of the outstanding amount, and just about 1 per cent of the holding of debt mutual funds, posing a serious challenge to the liquidity profile of these mutual funds, has warned.


The total outstanding of commercial papers is close to Rs 4.3 trillion, while the average trading volume is now at less than Rs 4,000 crore. Non-bank financial companies (NBFC) and housing finance companies (HFC) are the major issuers of commercial papers.



Generally, the daily volume is Rs 10-15,000 crore in CPs in the secondary market.


“The daily CP trades in the secondary markets is less than 1 per cent of the total outstanding amount and around 1 per cent of the total exposure of debt mutual funds in CPs,” and Research said in a note.


They are not as active in these markets as before as investors are also shying away from buying these papers both in the primary and the secondary market. On the other hand, papers issued by All India Financial Institutions, such

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