Mumbai: The holding arm of India’s largest business company Tata Sons of Tata group has been asked to pay $ 1.17 billion as damages to DoCoMo.
The Japanese telecom company Japan’s Nippon Telegraph and Telephone Corp (NTT) DoCoMo today asked Tata Sons to pay compensation for breaching of agreement.
The NTT DoCoMo is a party of the same company, had filed a plea last year at the London Court of International Arbitration against Tatas.
The plea sought that the Tata Sons being unable to find a buyer for DoCoMo’s stake in Tata Teleservices because of which the company faced damages.
Basically, the stake had been acquired for $2.7 billion and DoCoMo had decided to opt out of Tata Teleservices by selling its entire stake of a little over 26 percent.
On other hand Tata Sons said that they are studying the matter after they have received the order.
Tata Sons spokesperson said in a statement, that “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.”