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At Tata Teleservices Ltd’s (TTSL) board meeting at Bombay House, the Tata Group’s headquarters, today it was business as usual, with Chairman Cyrus Mistry chairing the meeting.
Two representatives from Japan’s NTT DoCoMo also attended the meeting, while the entire board of TTSL was also present. The ‘vote of confidence’ issue did not come up during the meeting, several sources told BusinessLine .
TTSL is the unlisted holding company of Tata Group’s telecom firms, with the listed Tata Teleservices (Maharashtra) being its subsidiary.
NTT DoCoMo, a stakeholder in TTSL, is locked in a legal battle with its estranged Indian joint venture partner. According to various sources, the companies were looking to reach an out-of-court settlement in the ongoing legal tussle.
In June, the London Court of International Arbitration ordered Tata Sons to pay $1.17 billion in damages to NTT DoCoMo for breaching an agreement related to their telecom joint venture firm Tata Teleservices Ltd (TTSL).
The Tata had earlier have deposited $1.17 billion with the Delhi High Court saying it was unable to pay the penalty amount to the Japanese company as Indian regulations do not permit it.
The dispute dates back to January 2015, when NTT DoCoMo filed an arbitration stating that the Tatas failed to find a buyer, as stated in the shareholders’ agreement for its stake in TTSL.
The case is currently being heard by the Delhi High Court, and courts in the US and the UK.
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