International court asks Tata Sons to pay $1.2 billion for DoCoMo's stakes in joint venture
The Japanese telecom company said the Indian major was ordered to pay since the latter could not find a buyer for DoCoMo's shares.
An international court has asked Tata Sons Ltd to pay $1.2 billion (around Rs 8,111 crore) to NTT DoCoMo for failing to honour and abide by the shareholders contract between the two forged in 2009, according to the Japanese telecom company. DoCoMo had gone into a joint venture with Tata Sons with 26.5% share in Tata Teleservices, but when the project struggled to take off for years, DoCoMo decided to terminate the agreement in 2014, reported Reuters.
According to the Tokyo-based company, Tata was supposed to find a buyer for their share at 50% of the original price or at market value, as per the contract, but the latter failed to do so. Moreover, the Indian major's bid to buy the shares themselves was rejected by banks because of a new government rule which forbids foreign companies from selling their stakes in an Indian firm at a pre-decided rate.
