Japanese telecom giant NTT DoCoMo is leaving no stone unturned to recover its nearly $1.2-billion exit price from Tata Sons for its 26.5% stake in Tata Teleservices. After moving the courts in London and Delhi against the holding company of the Tata Group, DoCoMo has moved the New York court to recover payment.
DoCoMo’s suit in the Southern District of New York court has sought the implementation of the $1.2-billion award it had won in June against Tata Sons in the London Court of International Arbitration. The fresh suit follows a similar application by DoCoMo in the Delhi high court. The Japanese major is pursuing all options to recover the arbitral award in key jurisdictions where Tata Sons-promoted companies have huge revenue and investment exposure.
In July , the Japanese company had moved the London Commercial Court seeking the attachment of Tata properties in the UK, including the prized Jaguar Land Rover. Tata Sons on Friday filed an application to set aside the London Commercial Court’s order.