TCS to appeal latest EPIC case order; Vauld locks up, explores restructuring; Xiaomi releases 12S Ultra with 1-inch sensor

Tata Consultancy Services, told the stock exchanges yesterday that a US court, which was hearing the latest appeal in a case in which EPIC Systems, a US company, has accused India’s biggest IT services company of stealing intellectual property, has passed an order reducing the jury award of punitive damages to $140 million. TCS is legally advised that it has strong arguments in its favour before an Appeal Court and the Order on the punitive damages are not supported by the facts presented by TCS before the Trial Court, the company said. “We have been advised that the Order and the Judgement (when issued) is appealable to the US Court of Appeals, 7th Circuit Chicago,” TCS said in its statement. TCS did not misuse or derive any benefit from EPIC’s documents, according to its statement. The lawsuit has been on for about seven years now. Vauld, a crypto exchange and lender, has locked out customers, citing the economic downturn. The Singapore company, started by entrepreneur Darshan Bathija, is backed by investors including billionaire Peter Thiel, co-founder of PayPal and a VC investor. “We are facing financial challenges despite our best efforts,” the company said in a statement on its website. This is due to a combination of circumstances such as the volatile market conditions, the financial difficulties of key business partners affecting the company, and the current market climate which has led to a significant amount of customer withdrawals of nearly $200 million since June 12 — when the latest crypto crash started. The company has hired lawyers and is in the process of filing an application to ask for a moratorium on any proceedings against it so it can explore options including a restructuring. “In the meantime, we have made the difficult decision to suspend all withdrawals, trading and deposits on the Vauld platform with immediate effect,” Vauld said in its statement. Xiaomi’s latest flagship phone, Mi 12S Ultra, has a 1-inch camera sensor, The Verge reports. Xiaomi is said to have collaborated with Leica to develop the camera system, and with Sony on the sensor. The camera system has three cameras — a 48 megapixel ultra-wide lens, a 48 megapixel telephoto with 5x optical zoom (and 120x digital zoom), and a 50 megapixel main camera, which uses that 1-inch sensor, according to The Verge. The smartphone itself has a 6.73-inch OLED display with 120Hz refresh rate, a top-of-the-line Snapdragon 8 Plus Gen 1 system-on-chip, a 4,860 mAh battery, 67W wired fast charging, and IP68 water and dust resistance. The phone is also supposed to be the first Android device capable of shooting in Dolby Vision HDR. Theme music courtesy Free Music & Sounds: https://soundcloud.com/freemusicandsounds