Sources close to Tata Sons tell CNBC-TV18 that the company has filed an affidavit in the Delhi High Court to resist enforcement of the award of London Court of Arbitration Tribunal.
The battle between Tata Sons and Japanese telco NTT Docomo is far from over.
CNBC-TV18 has got clarification that Tata Sons that it has already deposited the full amount of Rs 8450 crore with Delhi HC. The court will be taking action in due course of time.
Sources also tell CNBC-TV18 that Docomo hasn’t been forthcoming with respect to these discussions. Regulators are also unhappy with the statements by Docomo.
Affidavit demonstrates that NTT Docomo was aware of all the regulatory implications.
In June, Tata Sons was ordered by an international panel to pay USD 1.17 billion in damages to Japan’s NTT Docomo for breach of agreement.
In January 2015, NTT Docomo had filed a request with a London court for arbitration against Tata Group holding company Tata Sons, claiming the latter failed to fulfil its obligation to find a buyer for Docomo’s stake in Tata Teleservices.In April 2014, NTT Docomo had decided to sell its 26.5 percent stake in Tata Teleservices and pull out from mobile telephony in India after a five-year struggle that highlighted the challenges in the domestic market.
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