TOKYO (dpa-AFX) - London Court of International Arbitration ordered that Tata Sons pay damages to NTT DOCOMO Inc.(DCM) in the amount of about US$1.172 billion for Tata Sons' breach of the shareholders agreement, upon DOCOMO's tender of its entire stake in TTSL to Tata Sons or its designee.
DOCOMO submitted its request for arbitration on January 3, 2015 to ensure that its right be exercised after Tata Sons had failed to fulfill its obligation, despite DOCOMO's repeated negotiations with Tata Sons regarding the sale of its entire stake in Tata Teleservices Limited.
Under the terms of the shareholders agreement between DOCOMO, Tata Teleservices and Tata Sons Limited, DOCOMO exercised on July 7, 2014 its right (option) to request that a suitable buyer be found to purchase its TTSL shares for 50% of the acquired price, amounting to 72.5 billion Indian rupees (or US$ 1.172 billion), or a fair market value, whichever is higher.
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