{"id":45195,"date":"2016-10-06T03:29:38","date_gmt":"2016-10-05T21:59:38","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=45195"},"modified":"2016-10-06T03:29:38","modified_gmt":"2016-10-05T21:59:38","slug":"rbi-intervene-tata-ntt-docomo-case-hc","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/rbi-intervene-tata-ntt-docomo-case-hc","title":{"rendered":"RBI to intervene in Tata-NTT Docomo case in HC"},"content":{"rendered":"
\"RBI
RBI to intervene in Tata-NTT Docomo case in HC<\/figcaption><\/figure>\n

The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT Docomo over the enforcement of a USD 1.17 billion arbitral award in favour of the foreign company.<\/p>\n

The London Court of International Arbitration (LCIA) had made the award in favour of Docomo for Tata’s alleged breach of an agreement over their telecom joint venture (JV), Tata Teleservices Ltd (TTSL).<\/p>\n

In November 2009, Docomo had acquired 26.5 per cent stake in TTSL for about Rs 12,740 crore. The two had also agreed that in case Docomo exits the venture within five years, it will be paid a minimum 50 per cent of the acquisition price.<\/p>\n

Under the shareholding agreement between the two, Tata was obligated to find a buyer for Docomo’s shares in TTSL if the Japanese company exited, the condition the Indian company is alleged to have breached.<\/p>\n

As per Tata, when it asked for RBI’s approval for payment of the damages, the central bank of the country had said the option was not valid and any payment would have to be made at fair market value.<\/p>\n

Docomo had then moved Delhi High Court for enforcement of the award.<\/p>\n

The lawyer for RBI today told Justice S Muralidhar, before whom the matter was listed, that it wanted to be heard also, but the plea was objected to by Docomo.<\/p>\n

The court then asked RBI to file an application seeking intervention and listed the matter for hearing on December 1.<\/p>\n

Tata Sons’ lawyer, meanwhile, told the court it had filed a formal rejoinder “dealing with and denying certain specific false and incorrect allegations made by Docomo” for the first time in a recent affidavit filed by Japanese firm.<\/p>\n

Tata, in its reply, has said that Docomo has “wrongly, falsely and irresponsibly alleged” that the Indian company misrepresented to RBI the nature of payment to be made to the Japanese company under the award and urged the court to refuse enforcement of the award.<\/p>\n

Docomo in its response has said that “failure to obtain RBI permission does not excuse contractual performance nor can it prevent enforcement of an award”.<\/p>\n

( Source – PTI )<\/p>\n","protected":false},"excerpt":{"rendered":"

The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT Docomo over the enforcement of a USD 1.17 billion arbitral award in favour of the foreign company. The London Court of International Arbitration (LCIA) had made the award in […]<\/p>\n","protected":false},"author":38299,"featured_media":45196,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[146,255,31987,117,80,18365,37673],"class_list":["post-45195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-law-news","tag-court","tag-delhi-high-court","tag-featured","tag-law","tag-legal-news","tag-rbi","tag-tata-ntt-docomo-case"],"yoast_head":"\nRBI to intervene in Tata-NTT Docomo case in HC - Legal News India - Supreme Court & High Court Updates<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT - Get the latest legal news from the Supreme Court, High Courts, and government. Essential updates on judgements, acts, and in-depth analysis for lawyers, advocates, and law students in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/rbi-intervene-tata-ntt-docomo-case-hc\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBI to intervene in Tata-NTT Docomo case in HC - Legal News India - Supreme Court & High Court Updates\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of India (RBI) today sought to intervene in the ongoing litigation in Delhi High Court between Tata Sons and Japanese telecom major NTT - Get the latest legal news from the Supreme Court, High Courts, and government. 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Justice S Muralidhar in his\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"Delhi HC rejects RBI's intervention plea in Tata-Docomo damages case","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/delhi-HC-300x200.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":46003,"url":"https:\/\/www.legalindia.com\/news\/intention-pay-damages-docomo-tata","url_meta":{"origin":45195,"position":1},"title":"We have intention to pay damages to Docomo: Tata","author":"Legal India News","date":"December 2, 2016","format":false,"excerpt":"Tata Sons today told the Delhi High Court that it has every intention of paying the arbitral award of USD 1.17 billion in favour of Japanese telecom major NTT Docomo, but has been unable to do so due to lack of permission from the Reserve Bank of India (RBI). Even\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"We have intention to pay damages to Docomo: Tata ","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/08\/delhi-HC-300x200.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":46025,"url":"https:\/\/www.legalindia.com\/news\/plea-agst-cic-refusal-give-info-tata-docomo","url_meta":{"origin":45195,"position":2},"title":"Plea ag’st CIC refusal to give info on Tata-Docomo","author":"Legal India News","date":"December 3, 2016","format":false,"excerpt":"A plea has been moved in the Delhi High Court against the Central Information Commission's (CIC) refusal to provide information regarding Tata Sons application to RBI in connection with purchase of Japanese telecom major NTT Docomo's stake in Tata Teleservices Ltd (TTSL). The application in CIC under the Right to\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"Plea ag'st CIC refusal to give info on Tata-Docomo","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/03\/plea.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":16880,"url":"https:\/\/www.legalindia.com\/news\/tata-teleservices-to-seek-review-of-2g-decision","url_meta":{"origin":45195,"position":3},"title":"Tata Teleservices to seek review of 2G decision","author":"Legal India Admin","date":"February 7, 2012","format":false,"excerpt":"With the Supreme Court ordering the cancellation of three of its licences, Tata Teleservices Ltd. (TTL) on Monday said it will be filing a review petition against the decision as the company had applied for these licences in 2006 which were delayed and given to them in 2008. The company\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19524,"url":"https:\/\/www.legalindia.com\/news\/tata-teleservices-applications-received-late-mathur","url_meta":{"origin":45195,"position":4},"title":"Tata Teleservices applications received late: Mathur","author":"Legal India Admin","date":"April 17, 2012","format":false,"excerpt":"Former Telecom Secretary DS Mathur on Monday told a Delhi court that Tatas had applied for GSM technology after the cut-off date for receipt of applications for the 2G licenses, while he favoured examining all applications chronologically. Testifying as a prosecution witness, Mathur said he had 'desired' that all the\u2026","rel":"","context":"In "High Profile Cases"","block_context":{"text":"High Profile Cases","link":"https:\/\/www.legalindia.com\/news\/category\/high-profile-cases"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":41882,"url":"https:\/\/www.legalindia.com\/news\/delhi-hc-quashes-it-notices-to-vodafone-ttsl","url_meta":{"origin":45195,"position":5},"title":"Delhi HC quashes IT notices to Vodafone, TTSL","author":"Legal India News","date":"March 9, 2016","format":false,"excerpt":"The Delhi High Court today set aside notices issued by the Income Tax department to Vodafone Essar Mobile Services Ltd (VEMSL) and Tata Teleservices Ltd (TTSL) to initiate proceedings to declare them as TDS defaulters for assessment years 2003-04, 2004-05 and 2005-06. The department had initiated proceedings against Vodafone and\u2026","rel":"","context":"In "Top Law News"","block_context":{"text":"Top Law News","link":"https:\/\/www.legalindia.com\/news\/category\/top-law-news"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/01\/DELHI_HIGH_COURT.jpg?fit=636%2C477&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/01\/DELHI_HIGH_COURT.jpg?fit=636%2C477&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2016\/01\/DELHI_HIGH_COURT.jpg?fit=636%2C477&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p6H5Bf-bKX","jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/45195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/users\/38299"}],"replies":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/comments?post=45195"}],"version-history":[{"count":0,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/posts\/45195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media\/45196"}],"wp:attachment":[{"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/media?parent=45195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/categories?post=45195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.legalindia.com\/news\/wp-json\/wp\/v2\/tags?post=45195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}