Japanese firm NTT DoCoMo on Tuesday said the London arbitration court had found Tata Sons in breach of contractual obligations, and India, being a signatory to the New York Convention, is bound to enf
Japanese firm NTT DoCoMo on Tuesday said the London arbitration court had found Tata Sons in breach of contractual obligations, and India, being a signatory to the New York Convention, is bound to enforce the $1.17 billion compensation award decision.
“The LCIA (London Court of International Arbitration) tribunal found that Tata Sons had breached its contractual obligations, which were legally capable of performance in ways that did not require permission from the RBI or Ministry of Finance,” the Japanese telecom giant said in a statement.
The London-based tribunal last month ordered Tata Sons to pay DoCoMo $1.17 billion in compensation for breaching an agreement on India joint venture.
The statement comes at a time when the finance ministry has rejected RBI plea for exempting Tata-DoCoMo deal from the foreign exchange Act.
