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Tata Sons has now tapped the HC to challenge the Rs 1,500 crore claimed as GST liabilities on its $1.27 billion in payments to former partner and Japanese telco NTT Docomo, in 2017
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Hatch offers players streaming access to mobile games on Android devices the way Netflix does for movies or Spotify for music. It believes that next-generation, fast 5G mobile connections will mean a shift to cloud-based gaming on smartphones.
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"As per the...order of the Delhi High Court, Tata Sons will take necessary permissions from the Competition Commission of India and tax authorities to remit the amount in lieu of shares to be transferred to Tata Sons as per the consent terms," Tata Power said in a regulatory filing.
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Delhi High Court rejects Reserve Bank of India's objections and accepts Tata, DoCoMo consent terms. Allows Tata to pay USD 1.17 billion to estranged partner DoCoMo.
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The deal is likely to be speeded up by the truce that was announced on Tuesday between Tata Sons and Japanese telecom giant NTT Docomo in the long-standing USD 1.17-billion dispute over their failed joint venture.
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Tata Sons has agreed to pay USD 1.17 billion in damages to Japan's NTT DoCoMo in their long-standing dispute over the latter's exit from a joint venture in India.
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Stock surges on reports that Tata Sons had agreed to pay USD 1.17 billion as damages to Japanese firm NTT DoCoMo to settle the long-standing dispute.
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Bharti Group stocks and L&T led the pack of gainers on both the indices, while Idea Cellular saw a fall of around 3 percent due to stake exit by PE investor.
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In 2009, the Japanese telecom giant invested around USD 2.6 billion in order to buy a 26.5 percent stake in Tata Teleservices (TTSL). It later deemed the venture as its “worst†overseas investment, and sought USD 1.17 billion in compensation for its 2014 exit from India.
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Allegations have flown thick and fast ever since Cyrus Mistry was ousted as Chairman of the fabled Tata Group.
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The Cyrus Mistry and Ratan Tata saga seems to be unending with Cyrus Mistry's family companies filing three fresh affidavits in the National Corporate Law Tribunal (NCLT).
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The Delhi High Court has slammed the Tata group on its arbitration case with Docomo observing it is also a fundamental policy of India to respect arbitration award in cases of breach of any contract.
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Ousted Tata Sons chairman Cyrus Mistry
continued to chair group companies and today he chaired a
meeting of the distressed telecom arm of the group, Tata
Teleservices, at the Bombay House, the group headquarters here
this afternoon.
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Tata Sons ousted Chairman Cyrus Mistry said on Tuesday that any indication that he had mishandled a drawn out dispute with its Japanese telecom partner NTT DoCoMo Inc were baseless, ratcheting up the war of words between the two feuding sides.
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In a fresh twist to the battle between the Tata Group and its estranged partner DOCOMO, CNBC-TV18 learns the Enforcement Directorate might be looking into the billion-dollar deal for alleged Foreign Exchange Management Act (FEMA) violations, reports CNBC-TV18.
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NTT DoCoMo yesterday said Tatas raising "objections" to the enforcement of the London Court of Arbitration (LCIA) award directly contradicted its statements of intent to meet the payment obligations.
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"The fact that Tata has raised objections to the enforcement of the London Court of Arbitration (LCIA) award directly contradicts its statements of intent to meet its payment obligations," DoCoMo said in a statement.
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The launch of Reliance Jio, thanks to its focus on cheap data plans, is going to significantly expand India's data market, leading to an opportunity even for its large rivals, says Suresh Mahadevan of UBS.
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The fight between Tata Sons and Japanese major NTT Docomo has reached a point where both the estranged parties have stooped to media posturing and mud slinging in public.
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In an interview with CNBC-TV18, Pratibha Advani, CFO of Tata Communications said that the EBITDA growth in this quarter was on the back of stable performance in the data business and sees structural headwinds in the voice segment going forward.
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DoCoMo in a statement said Tata Sons was citing Reserve Bank of India (RBI) not granting an exemption to the foreign exchange act to pay the money as an "excuse".
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Following a two-year long arbitration process, the arbitral court earlier this month granted USD 1.17 billion in favour of DOCOMO to be paid by Tata Sons. But, RBI rules and guidelines restrict such payouts in case of international partners.
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The tolerance limit for call drops is 2 percent, which means at least 98 percent of all calls made from a telecom network in a quarter should not get automatically disconnected.
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In 2009, the Japanese telecoms group acquired a 26.5 percent stake in Tata Teleservices Limited for around 127.4 billion rupees. In April 2014, it announced plans to exit the venture, which struggled to grow subscribers as quickly as its peers.
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With competition set to increase with the launch of Reliance Jio's 4G services by the end of the year, operators are moving to counteract the company‘s strategy, which they believe will involve sweeping customers off their feet with attractive offers.
