Welcome Delhi High Court's order on arbitral award: Tata Sons

Tata Sons on Friday welcomed the Delhi High Court order which has allowed the company and NTT Docomo to implement the June 22, 2016, London Court of International Arbitration (LCIA) award.

On Friday, the Delhi High Court dismissed the Reserve Bank of India's (RBI) application opposing the enforcement of a $1.18 billion arbitral award in the Tata-NTT Docomo case.

Justice S. Muralidhar cleared the way for enforcing the arbitral award by the London Court of International Arbitration, to settle a two-year-old dispute between Tata and Docomo.

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.

The RBI had also opposed the accord, arguing that it amounted to a transfer of shares and was illegal.

According to the company, the Delhi High Court has allowed both the enforcement of the award and implementation of the consent terms between the two entities.

"Tata Sons and NTT Docomo are taking further steps in terms of the order," Tata Sons said in a statement.

Tata Sons had announced in February 2017 that it had reached an agreement with NTT Docomo.

"Today's order entails Tata Sons and its nominees remitting $1.18 billion, already deposited with the registrar of the Delhi High Court, to Docomo, and Docomo transferring all its shares in Tata Teleservices Limited," the statement said.

--IANS

rv/vt