Tata Applies to set aside DoCoMo court Order on asset Claims

Tata Sons Ltd said on Monday it had made an application to set aside an order obtained by NTT DoCoMo from a London court that would allow the Japanese company to lay claim to Tata's overseas assets to settle a dispute over Tata Teleservices. 

 

In June, London's Commercial Court ordered Tata to pay $1.17 billion to DoCoMo to settle the dispute. Tata has said it is willing to pay DoCoMo and has already deposited the money with the High Court of Delhi, but India's central bank has refused to allow the payment as it would contravene domestic regulations. In July, DoCoMo obtained an order from the London court to enforce the arbitration award in Britain where the Tata Group runs two major businesses -- Tata Motors' luxury car unit Jaguar Land Rover, along with assets that are tied to Tata Steel. 

 

Tata Sons, the holding company, was given 23 days to respond to the order but in August sought a two week extension to that deadline. "Tata Sons' position is that it is not permitted to pay the sum claimed by DoCoMo pursuant to the award, since regulatory approval by India's central bank, the Reserve Bank of India ... has been denied," the company said in a statement.

 

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