 "Tata Sons asks Sivasankaran to pay back Rs 7-billion loan, say sources")
Tata Sons has made a claim of Rs 6.99 billion, with interest and costs, against C Sivasankaran and his company Siva Industries and Holdings, in a detailed statement of claim on April 16, say sources.
A Supreme Court (SC) order in January allowed the Tatas’ petition and appointed former SC judge S N Variava the sole arbitrator on the dispute.
The Chennai-based Sivasankaran group, facing a Central Bureau of India (CBI) investigation for alleged defaulting on a Rs 7-billion bank loan, also owes around Rs 10 billion, including costs and interest, to two Tata Group companies.
