Cyber Crime
Indian IT Firm Coforge Faces Legal Trouble Over Rs 92 Crore Dispute
The Indian IT company has notified the National Stock Exchange (NSE) about a potential claim of $4,276,800 related to demands from additional claimants with whom the company has yet to reach a preliminary agreement. According to the Regulation 30 Disclosure, the company, along with its material subsidiary Coforge Inc., has received a notice of indemnification from a North American client. In this context, the company has now received an additional indemnification notice from the same client.
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Coforge stated that the total claims and the anticipated financial impact from the previously disclosed class action suits remain uncertain at this time. The company is currently consulting with its offshore legal counsel regarding the indemnity notice. Additionally, Coforge indicated that it plans to reject the client’s demands related to arbitration claims, asserting that the amounts in question are not reasonably subject to indemnification. In its filing, the company confirmed that it is not currently engaged in any litigation or arbitration proceedings, and no legal actions have been initiated against it by any tribunal, court, or agency.