New Delhi : The Delhi High Court on Wednesday reserved its verdict on Japanese telecom major NTT Docomo’s plea to enforce the $ 1.17 billion damages awarded to it for breach of contract by Tata Sons with regard to their joint venture TTSL.
Justice S Muralidhar in his judgement will also decide whether the intervention application of the RBI, opposing the award as well as the settlement arrived at between Tata and Docomo, was maintainable. The court as well as Tata and Docomo were of the view that only those who were party to an arbitration can object to the award. The court questioned the maintainability of the RBI’s plea to intervene in the matter when it was not a party to the arbitration between Tata and Docomo. Docomo and Tata had gone for arbitration as the Indian company was not able to find a buyer for the Japanese telecom major’s 26.5%cent stake in their joint venture, Tata Teleservices Ltd when it exited from it.
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