BackTata Sons to pay to Docomo within ‘confines’ of Indian law
Tata Sons says NTT Docomo is confusing its intent to pay with what is 'legally payable' by the firm
Premium
New Delhi: Tata Sons on Saturday said NTT Docomo—the estranged Japanese partner—is confusing its intent to pay with what is “legally payable" by the Indian company, and emphasised that its intent is to pay but “within the confines of the law".
“Docomo is unfortunately confusing our intent to pay with what is legally payable by us. Tata’s intent is to pay but within the confines of the law," a Tata Sons spokesperson said.
NTT Docomo on Friday 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.
The Tata Sons spokesperson further said that the position the firm has taken in its affidavit filed in the Delhi high court is in line with what it has stated from the outset—that it is committed to honouring its contractual obligations to NTT Docomo, in compliance with Indian regulations and law.
“There is a judicial process that is underway and we need to pay due heed to the laws that bind us all," the spokesperson added. Expressing disappointment at the lack of cooperation from “partners" in arriving at an amicable resolution, Tata Sons said “despite several attempts on our part, our partners have refused to come together with us to engage the Government and the Regulator on the issue".
In June this year, the London Court of International Arbitration (LCIA) tribunal ordered Tata Sons to pay Docomo a sum of $1.17 billion in compensation for breaching an agreement on India joint venture—Tata Teleservices. The Japanese firm has filed a plea in the Delhi high court seeking enforcement of the arbitration ruling.
Tata Sons has deposited the entire amount of $1.17 billion with the registrar of the Delhi high court which is hearing the matter.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!
