New Delhi: The Delhi High Court on Friday dismissed the Reserve Bank of India’s application opposing the enforcement of an arbitral award in the Tata-NTT Docomo case.
Justice S. Muralidhar cleared the way for enforcing the $1.17 billion arbitral award by the London Court of International Arbitration, to settle a two-year-old dispute between Tata and Docomo.
The arbitral award “is declared as enforceable in India and shall operates as a decree of this court”.
The RBI through its intervention application opposed the award as well as the settlement between Tata and Docomo over the Japanese company’s exit from the joint venture.
It had also opposed the pact arguing that it amounted to a transfer of shares and was illegal.