Edition:
India

Cognizant Says High Court In Chennai Granted A Stay Of Indian IT Department's Actions


Wednesday, 4 Apr 2018 

April 3 (Reuters) - Cognizant Technology Solutions Corp ::HIGH COURT IN CHENNAI GRANTED CO'S APPLICATION FOR A STAY OF THE ACTIONS OF INDIAN INCOME TAX DEPARTMENT.HIGH COURT IN CHENNAI ALSO GRANTED CO'S APPLICATION FOR A LIFTING OF THE ITD'S ATTACHMENT OF CO'S BANK ACCOUNTS.AS PART OF STAY ORDER, TO DEPOSIT $75 MILLION TO BE KEPT IN SUSPENSE ACCOUNT BY ITD, WITH REMAINDER MARKED UNDER LIEN.COURT FURTHER GRANTED CO'S REQUEST TO ADDRESS ITD'S COLLECTION ACTIONS, SCHEDULED HEARING LATER IN APRIL.