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Tata-Docomo Case
The Delhi High Court on Wednesday reserved its judgment on the enforcement of the $ 1.18 billion Tata Sons-NTT Docomo arbitration award, sought to be realised by the Japanese telecom company in line with a settlement agreement arrived at between the two groups. Justice Muralidhar's decision came on the backdrop of lengthy arguments by the RBI, which has opposed the enforcement of the award on grounds of violations to Indian law and disregard of regulatory considerations.In Wednesday's hearing, the central bank once again highlighted the issue of violations to public policy involved with the realisation of the award, even if Tata had decided not to oppose it. According to the RBI, the agreement, through which DoCoMo had received a favourable ruling in the London Court of International Arbitration (LCIA) was a void agreement and could not be issued in terms of damages. Questioning the authority of the RBI to intervene, the court instead asked the RBI under what provision of law it was ..
The Delhi High Court on Tuesday allowed the Reserve Bank of India (RBI) a further day to finalise its stand on the enforcement of the $ 1.18 billion Tata Sons-NTT DoCoMo arbitration award, now sought to be realised in favour of the Japanese telecom major through a settlement agreement arrived at by the two companies.On March 8, Justice Muralidhar had directed the RBI to inform the court by March 14, of its stand on an intervention application filed by the central bank against the enforcement of the international arbitral award. The court's order had come on the backdrop of lengthy arguments made by the RBI on grounds of violations to Indian law and the disregard of regulatory considerations, which in the opinion of the banking regulator, were attempting to do something that was not permitted directly in an indirect manner. After hearing the arguments raised, the court had on that date, asked the RBI to take a final call on the matter and to inform the bench on all applicable laws in ..
The Delhi High Court on Wednesday directed the Reserve Bank of India (RBI) to decide by March 14, its position in the $1.18 billion arbitration award now sought to be enforced by Japanese telecom major NTT Docomo, in line with a settlement agreement reached with Indian conglomerate Tata Sons.Justice Muralidhar's order came on the backdrop of detailed arguments made by the RBI against a joint application by Docomo and Tata on February 28, requesting the court to allow the terms of the settlement reached at by the two companies and enforce the June 22, 2016 London Court of International Arbitration (LCIA) award in favour of Docomo. After beginning with vehement objections to the settlement agreement, RBI advocate C Mukund ended the hearing on what could be the first signs of thaw in the banking regulator camp by stating that he would "endeavor to close the matter."Mukund's arguments, which were received by the court with stern skepticism, revolved around how the LCIA arbitral award had .