LATEST NEWS – Tata Sons and NTT Docomo jointly informed the Delhi High Court on Tuesday about a settlement plan reached by the two companies to end the dispute over the enforcement of a $1.18 billion arbitral sum, awarded by the London Court of International Arbitration (LCIA) in favour of the Japanese telecom giant in June 2016.
Senior advocate Darius Khambata, appearing on behalf of Tata, while highlighting the terms of the settlement, which was filed as an application before court and stated that as a result, “Tata Sons withdraws its objections to the enforcement of the arbitration award in favour of NTT Docomo”.
According to a statement issued by Tata Sons, the company has reached this agreement to end this dispute with NTT Docomo and as a gesture of good faith in accordance with the company’s longstanding record of adherence to contractual commitments. The statement continues to say that such a settlement has been made to further the larger national interest and preserve a fair investment environment in the country.
As part of the understanding, Docomo has also agreed not to press for the enforcement of the award in any other court for a period of six months, within which time the two companies are expected to fully resolve the issue in line with the terms of the settlement. READ MORE