BANGALORE, March 1 Tata Consultancy Services Ltd., India's top software services provider, said it agreed to pay $29.75 million to settle a class-action law suit in the United States, brought by two former non-U.S.-citizen employees.
"The settlement is made without admitting any wrong doing by TCS," the company said in a statement to the National Stock Exchange in Mumbai on Friday. It is subject to court approvals.
The former employees had accused TCS in 2006 of forcing all non-U.S.-citizen workers to sign over their U.S. federal and state tax refund cheques to the company. Tata also deducted their Indian wages from their compensation, the suit alleged.
The case was granted class-action status in April 2012 by California federal judge Claudia Wilken. TCS had denied the allegations.
The case is Vedachalam vs Tata America International Corporation et al, U.S. District Court, Northern District of California (Oakland), No. 06-963.
South Africa anti-graft chief open to talks on central bank -report
JOHANNESBURG, June 24 The head of South Africa's anti-graft watchdog is open to talks on her recommendation to change the central bank's mandate, a proposal that has drawn sharp criticism from parliament, the ruling party and investors, a local news agency said on Saturday.