Cyrus Mistry meeting telecom minister

Tata Group chairman Cyrus Mistry today met Telecom Minister Manoj Sinha, terming it as a "courtesy call".
The meeting assumes importance in the backdrop of the ongoing legal tussle between the Tatas and Japan's NTT DoCoMo as well as the upcoming spectrum auction, which is scheduled to be held at the end of September.
After the meeting, which lasted for about 20 minutes, Mistry refused to comment on the proceedings of the meeting and said it was a "courtesy call" with the minister.
He declined to make any comments on the Tata Docomo issue.
NTT DoCoMo, in November 2008, had acquired 26.5 per cent stake in Tata Teleservices for about Rs 12,740 crore (at Rs 117 per share).

This was as per a understanding that in case the Japanese firm exits the venture within five years, it will be paid a minimum 50 per cent of the acquisition price.

In April 2014, DoCoMo decided to exit the joint venture that struggled to grow subscribers quickly. It sought Rs 58 per share or Rs 7,200 crore from the Tatas.
But the Indian Group offered Rs 23.34 a share in line with RBI guidelines which state that an international firm can only exit its investment at a valuation "not exceeding that arrived at on the basis of return on equity".

The Japanese firm dragged Tata Group to international arbitration and won a USD 1.17 billion award. To honour that, an application was made to RBI seeking exemption from the foreign exchange Act.
The legal notice defined Confidential Information as all
business, legal, commercial or technical information of the company.
Tata Sons wanted Mistry to return the undertaking within two days of receiving the notice.
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Reacting to Tats Sons' "notice", Mistry's office said it has only received "a number of media queries enclosing the legal notice issued by a law firm representing Mr Ratan Tata and Bombay House, seeking our comments".

"The Tata letter, termed a "notice", is a request not to draw the attention of courts and tribunals to documents and records on the ground that they are "confidential" in nature," it said in a statement.
Insisting that no comment in public will be made nor will provide correspondence to the media to make news, it said: "We will keep focus on the real and core issues in the relevant forums alone. That their letters claiming confidentiality have been widely circulated to the media is ironical. We believe such conduct is unbecoming and interferes with justice administration."
The statement also said the affidavit that Mistry had to file by today has been filed in the National Company Law Tribunal.