Business
Tata Sons told to pay $1.17 bn as damages to DoCoMo
Mumbai, June 24 Tata Sons, the holding arm of India's largest business conglomerate, has been asked by an international arbitration panel to pay $1.17 billion to NTT DoCoMo, a Japanese telecom firm, towards alleged breach of agreement by a group company.
NTT DoCoMo, a part of Japan’s Nippon Telegraph and Telephone Corp, had filed a plea last year at The London Court of International Arbitration against the Tatas. It sought damages for Tata Sons being unable to find a buyer for DoCoMo's stake in Tata Teleservices.
DoCoMo had decided to opt out of Tata Teleservices by selling its entire stake of a little over 26 percent. The stake had been acquired for $2.7 billion.
Tata Sons said while it had received the order, it was still studying it.
"We will not be able to comment further at this stage, beyond maintaining our consistent position that Tata Sons has always been and continues to be committed to discharge its contractual obligations in a manner consistent with the law,†a Tata Sons spokesperson said in a statement.
1 hour ago
Dharmesh Patel's Fate Uncertain After Devil’s Slide Incident
1 hour ago
Composer Reena Esmail is welcomed by the Music Institute of Chicago
1 hour ago
PM Modi takes opposition to cleaners on EVMs, once again
1 hour ago
Tech entrepreneur's 18-month prison term handed down for securities and wire fraud
1 hour ago
Two advertisements for Susheela Jayapal's campaign are released.
2 hours ago
US report on human rights abuses is dismissed by India.
2 hours ago
Kim Kardashian: A Conversation with US Vice President kamala Harris on Criminal Justice Reform
3 hours ago
CBI recovers huge cache of arms, explosives from house of Shahjahan’s relative at Sandeshkhali
4 hours ago
Bengal LS polls: BJP's Raju Bista complains of violence at Chopra; 47.29 pc turnout till 1 pm
4 hours ago
Elon Musk’s AI company xAI to raise $6 billion: Report
4 hours ago
Anoushka Shankar to get honorary degree by Oxford University, calls it ‘pinch-me moment’
4 hours ago
Anuradha Paudwal praises ‘Superstar Singer 3’ contestant, says he ‘can be next hero voice’
4 hours ago
Amid rumours of split, source says Zendaya, Tom Holland have discussed marriage