Delhi High Court adjourns Tata-Docomo case hearing to October 5

NEW DELHI: The Delhi High Court Tuesday adjourned the hearing into the Tata Sons-NTT Docomo case till October 5.

In November 2009, Japan's largest mobile phone firm NTT DoCoMo acquired 26.5 per cent stake in Tata Teleservices for about Rs 12,740 crore. The two also agreed that in case Docomo exits the venture within five years, it will be paid a minimum 50 per cent of the acquisition price. But RBI ruled that the option was not valid and any payment would have to be made at fair market value.

The finance ministry had also refused to make an exception, reasons cited by the Tatas for not paying the Japanese partner. Docomo moved international arbitration in London.

Recently, the arbitration court ordered Tata Sons to pay $1.17 billion (nearly Rs 7,956 crore) to NTT DoCoMo for breach of contract on grounds that the Indian company neither found a buyer nor bought back the Japanese partner's 26 per cent stake in Tata Teleservices.

The Japanese company had then moved the Delhi High Court seeking enforcement of the arbitral award. The court have the two parties till August 30 - the next date of hearing - to resolve the issue mutually.