NTT DOCOMO INC. Vs. TATA SONS LIMITED

JUDGEMENT

(1.) NTT Docomo Inc. ('Docomo'), a company incorporated in Japan, has filed OMP (EFA) (Comm.) No. 7 of 2016 under Sections 44, 46, 47 and 49 of the Arbitration and Conciliation Act, 1996 ('Act') and under Order XXI of the Code of Civil Procedure, 1908 read with Sec. 151 thereof seeking the enforcement and execution of the final Award dated 22nd June 2016 passed by the Arbitral Tribunal ('AT') in London, United Kingdom in LCIA Case No. 152896 under the London Court of Arbitration ('LCIA') Rules.

(2.) The specific prayer in the petition is for the recognition and enforcement of the aforementioned Award made in favour of Docomo and against the Respondent Tata Sons Ltd. ('Tata'), as a decree of this Court, execution of the decree, and pending such execution and satisfaction of the decree, to pass appropriate interim orders of injunction.

(3.) A Shareholder Agreement ('SHA') was entered into on 25th March 2009 between Docomo, Tata and Tata Teleservices Ltd. ('TTSL'). Clause 5.7 of the SHA inter alia stated that if TTSL failed to satisfy certain 'Second Key Performance Indicators' stipulated in the SHA, Tata would be obligated to find a buyer or buyers for Docomo's shares in TTSL at the Sale Price i.e., the higher of (a) the fair value of those shares as of 31st March 2014, or (b) 50% of the price at which Docomo purchased its shares.