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. RBI, in turn, wrote to finance ministry for exemption from the rules as such a measure would boost investor confidence. The statement comes at a time when the finance ministry has rejected RBI plea for exempting Tata-DoCoMo deal from the foreign exchange Act. NTT DoCoMo in November 2008 acquired 26.5% stake in Tata Teleservices for about Rs.12,740 crore (at Rs.117 per share). New Delhi: 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.

Source: Mint August 02, 2016 15:33 UTC