Tata Sons Appeals against London court's order to pay $1.17 bn

Tata Sons, the holding arm of India's largest business conglomerate, here on Monday said it has filed an application in the London Commercial Court seeking setting aside of its order to pay $1.17 billion to the Japanese telecom major NTT DoCoMo towards alleged breach of agreement by a group company. "Tata Sons has on Monday filed an application to set aside the order obtained by NTT DoCoMo from London's Commercial Court," the company said in a statement. 

 

NTT DoCoMo, a part of Japan's Nippon Telegraph and Telephone Corp, had filed a plea last year at the London Court of International Arbitration against the Tatas, seeking damages for Tata Sons' failure to find a buyer for DoCoMo's stake in Tata Teleservices. After getting an award in its favour, it had moved the commercial court for its compliance. 

 

DoCoMo had decided to opt out of Tata Teleservices by selling its entire stake of a little over 26 per cent. The stake had been acquired for $2.7 billion. DoCoMo said it had asked the Tatas to find a buyer at half that price, or $1.17 billion, or a higher fair-market value. DoCoMo had dragged Tata Sons in international arbitration following the failure of repeated negotiations with Tata Sons regarding the sale of its entire stake.

 

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