Tata Sons, NTT Docomo Agree To Settle $1.17-Bn Arbitration Dispute
By Team Legistify / 2017-03-01

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The dispute between Indian corporate giant Tata Sons and Japanese company NTT Docomo seems to have come to an end. Both of the companies have filed consent terms for prospective settlement of the arbitration dispute.Darius Khambatta and Kapil Sibal appeared for Tata and NTT Docomo, respectively.

Tata Sons stated that it would withdraw all objections to enforcement of the arbitration agreement and NTT agreed to not enforce the arbitration award for the next six months before any jurisdiction.

However, a claim made by the Reserve Bank of India, a third party to the dispute which was issued notice by Justice Muralidhar of the Delhi High Court, still remains. The claim is that an agreement between the two companies on exit options is illegal and contrary to foreign direct investment (FDI) norms of India.

The London Court of International Arbitration had ordered Tata Sons to pay $1.17 billion to NTT for breach of contract and return NTT’s shares in the Tata Teleservices, which was jointly set up by Tata and NTT.

The agreement concerned is one containing exit options for the foreign company for its investment in India.

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