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\"\"By Siddharth Philip and Grace Huang<\/strong>
\n
\nImagine buying a home on condition that you could sell it back anytime for half price. Then imagine trying to do so a few years later only to hear that the agreement wasn’t legal.
\n
That’s effectively what’s happening to Japan’s largest mobile-phone carrier. Only instead of a house, NTT Docomo<\/a> Inc. bought a stake of more than $2 billion in a phone company from Tata Group, India’s biggest conglomerate, which says law bars foreigners from selling out of their investments at above a \"fair value.\"
\n
Though an international arbitration panel sided with Docomo in June, the years-long dispute has since moved to courtrooms in London and New Delhi. More broadly, the case has highlighted the legal risks in Indian economy as Prime Minister Narendra Modi<\/a> seeks to bring in foreign investment.
\n
\n\"Among those doing business in India, there is some level of anxiety towards its administration and the execution of laws,\" said Kotaro Tanaka, an official at the South Asia Department of Japan International Cooperation Agency, which makes loans and investments in developing countries.
\n
\nTokyo-based Docomo spokesman Yousuke Oowada declined to comment, as did Tata.
\n
\nModi is seeing some success in bringing money from overseas as India grows faster than any major economy as his administration seeks to ease investment curbs. Foreign direct investment into India climbed 23 per cent to $55 billion in the 12 months through March 2016, according to government data.
\n
India is a democratic country with a large population and growing economy that make it an attractive market, Tanaka of JICA<\/a> said.
\n
\nModi is partly trying to restore India’s image after legal wranglings contributed to some of the world’s biggest multinational companies foundering in the country.
\n
For example, when former Prime Minister Manmohan Singh<\/a> eased restrictions on the entry of foreign-owned retailers in 2012, Wal-Mart Stores Inc. and Carrefour SA began setting up plans to expand in the country. Singh then reversed course and supported restrictions that effectively barred foreign entrants.
\n
Then there’s Vodafone<\/a> Group Plc, which has been disputing a tax bill involving more than $2 billion related to its acquisition of Hong Kong billionaire Li Ka-shing’s Indian phone business. While Vodafone has said it doesn’t owe the Indian government money because the transaction was conducted offshore, Indian authorities have sought to collect because the deal involved assets in the country.
\n
\nNevertheless, investors drawn to India’s rapid economic growth and relatively young population will probably be willing to overlook these issues, said Abhimanyu Sofat, vice president at brokerage India Infoline Ltd. in Mumbai.
\n
\n\"While the Docomo-Tata spat may impact sentiment, for an investor seriously looking to enter India, it won’t be a huge concern,\" he said.
\n
The feud traces its roots back to 2009, when Docomo agreed to buy shares in Tata Teleservices from Tata Sons<\/a> Ltd. to enter the fast-growing Indian phone market. But as insurance, the agreement entitled the Japanese company to sell its shares back at 50 per cent of the purchase price, or let Tata find a suitable buyer for the stake.
\n
\nBut as competition drove Indian operators to charge less than a penny a minute for calls - among the lowest rates in the world - profits turned elusive for smaller carriers. Tata Teleservices, the nation’s seventh-largest operator, has accumulated more than 300 billion rupees in losses, according to company data accessed from Ministry of Corporate Affairs.
\n
\nIn 2014, Docomo exercised its right to sell out.
\n
\nFor its part, Tata has said its preferred course of paying Docomo as per the original agreement is blocked by India’s central bank, which has said that the deal contradicts the Foreign Exchange Management Act.
\n
\nA 2014 circular from the bank said that non-residents cannot be guaranteed an exit price for an investment and that fair value of such stakes should be determined \"as per any internationally accepted pricing methodology on arm’s length basis, duly certified by a Chartered Accountant or SEBI registered Merchant Banker.\"
\n
\nThough neither company will say what that fair value is, a newspaper reported in July 2015 that Tata offered to buy the stake at 23.34 rupees a share, less than half the 58 rupees per share Docomo has sought.
\n
\nSince the London Court of International Arbitration said in June that Tata should pay $1.17 billion to Docomo, the Japanese company has been seeking to enforce the arbitrator’s decision in courts in New Delhi and the UK.
\n
\n\"The outcome of this case will be carefully monitored, especially since Japan is the second-biggest source of FDI in India,\" said Saket Shukla, a partner at Phoenix Legal in New Delhi. \"If the court holds it’s a valid award, and at the end the government doesn’t allow them to remit the money, then it’s a major concern for investors.\"
\n
\nRegardless of the outcome, investors are likely to give full scrutiny to any ownership terms going forward, said Sofat of India Infoline.
\n
\n\"If anything, it will prompt companies to be more careful that the fine print in their agreements are compliant with law,\" he said.\n\n<\/body>","next_sibling":[{"msid":54361780,"title":"Sufficient interconnect points for Jio, can augment more: BSNL","entity_type":"ARTICLE","link":"\/news\/sufficient-interconnect-points-for-jio-can-augment-more-bsnl\/54361780","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":54362670,"entity_type":"ARTICLE","title":"Soured Tata-Docomo deal tests India's investment appeal","synopsis":"\"The outcome of this case will be carefully monitored, especially since Japan is the second-biggest source of FDI in India,\" said Saket Shukla, a partner at Phoenix Legal.","titleseo":"telecomnews\/soured-tata-docomo-deal-tests-indias-investment-appeal","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2016-09-16 15:24:42","lastupd":"2016-09-16 15:27:01","breadcrumbTags":["Manmohan Singh","Narendra Modi","Vodafone","industry","Tata Sons","Docomo","JICA"],"secinfo":{"seolocation":"telecomnews\/soured-tata-docomo-deal-tests-indias-investment-appeal"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2016-09-16" data-index="article_1">

恶化Tata-Docomo协议测试印度的投资吸引力

”的结果,这种情况下将仔细监控,特别是日本FDI在印度的第二大来源,“Saket Shukla说,凤凰的合伙人合法。

  • 更新2016年9月16日03:27点坚持
黄由哈斯。菲利普和优雅

想象一下买房子,条件是你随时可以把它卖掉一半价格。然后想象试图这样做几年后只听到这个协议没有法律。

这是有效地发生了什么日本最大的移动电话运营商。只有而不是房子,NTTDocomo公司购买了超过20亿美元的股份从塔塔集团公司的电话,说印度最大的企业集团,法律禁止外国人出卖他们的投资在上面“公允价值”。

尽管国际仲裁小组站在6月份Docomo,多年的争端已经搬到了伦敦法庭和新德里。更广泛地说,此案凸显了印度经济作为总理的法律风险莫迪试图引进外国投资。

“那些在印度做生意,有一定程度的焦虑对其管理和法律的执行,”Kotaro Tanaka说,南亚的一位官员日本国际合作机构,这使得发展中国家的贷款和投资。

东京Docomo发言人Yousuke Oowada拒绝置评,塔塔也是如此。

莫迪看到一些从海外成功带来金钱是印度经济增长速度高于任何重大经济政府寻求放宽投资限制。外国直接投资进入印度股价上涨23%,至550亿美元到2016年3月的12个月内,政府数据显示。

印度是一个民主国家,人口多,经济增长,使其具有吸引力的市场,田中JICA说。

莫迪部分试图恢复印度的形象在法律争斗导致了一些世界上最大的跨国公司沉没。

例如,当前总理曼莫汉•辛格(Manmohan Singh)放松了对外资的进入的限制零售商2012年,沃尔玛和家乐福开始设置计划扩大。辛格随后改变方针,支持有效地限制,禁止外国进入者。

还有沃达丰(Vodafone)Group Plc),争论税收法案相关涉及逾20亿美元收购香港亿万富翁李嘉诚(Li ka - shing)的印度手机业务。沃达丰印度政府已表示,它不欠钱,因为事务进行离岸,印度当局试图收集因为这笔交易涉及的资产。

然而,投资者吸引到印度经济的快速增长和相对年轻的人口可能会愿意忽略这些问题,苏哈塔Sofat说,在孟买India Infoline的经纪有限公司副总裁。

“虽然Docomo-Tata争端可能会影响情绪,一个投资者认真寻求进入印度,它不会是一个巨大的问题,”他说。

不和追溯其根源追溯到2009年,当Docomo同意购买塔塔电信业务从股票塔塔的儿子有限公司进入快速增长的印度手机市场。但随着保险,该协议《日本公司出售其股票回到50%的购买价格,或者让塔塔股份找到合适的买家。

但随着竞争使印度的运营商收取不到一分钱一分钟电话——世界上最低的利率,利润难以捉摸的小型运营商。塔塔电信业务,国家第七大的运营商,已累积超过3000亿卢比的损失,根据省公司数据访问的公司事务。

2014年,Docomo卖出行使其权利。

就其本身而言,塔塔表示,其首选的支付Docomo按原协议被印度的中央银行,也曾表示,这笔交易与外汇管理行为。

2014圆从银行表示,非居民无法保证投资退出价格,公允价值的股份应该确定“按任何国际公认的定价方法的基础上,适时地经注册会计师或印度证券交易委员会注册商业银行家。”

虽然没有哪家公司会说,公允价值是什么,一份报纸在2015年7月报道,塔塔提供购买股份每股23.34卢比,不到一半的58乐动扑克个卢比每股Docomo已经找到。

自伦敦国际仲裁法庭在6月表示,塔塔应该支付11.7亿美元Docomo,这家日本公司一直在寻求执行仲裁员的决定在新德里和英国法院。

”的结果,这种情况下将仔细监控,特别是日本FDI在印度的第二大来源,“Saket Shukla说,凤凰的合伙人法律在新德里。“如果法院认为这是一个有效的合同,最后政府不允许他们汇钱,然后对投资者是一个大问题。”

不管结果如何,投资者可能会充分审查任何所有权条款,India Infoline Sofat说。

“如果有的话,它将促使公司更加谨慎,小字的协议符合法律,”他说。
  • 发布于2016年9月16日下午03:24坚持
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\"\"By Siddharth Philip and Grace Huang<\/strong>
\n
\nImagine buying a home on condition that you could sell it back anytime for half price. Then imagine trying to do so a few years later only to hear that the agreement wasn’t legal.
\n
That’s effectively what’s happening to Japan’s largest mobile-phone carrier. Only instead of a house, NTT Docomo<\/a> Inc. bought a stake of more than $2 billion in a phone company from Tata Group, India’s biggest conglomerate, which says law bars foreigners from selling out of their investments at above a \"fair value.\"
\n
Though an international arbitration panel sided with Docomo in June, the years-long dispute has since moved to courtrooms in London and New Delhi. More broadly, the case has highlighted the legal risks in Indian economy as Prime Minister Narendra Modi<\/a> seeks to bring in foreign investment.
\n
\n\"Among those doing business in India, there is some level of anxiety towards its administration and the execution of laws,\" said Kotaro Tanaka, an official at the South Asia Department of Japan International Cooperation Agency, which makes loans and investments in developing countries.
\n
\nTokyo-based Docomo spokesman Yousuke Oowada declined to comment, as did Tata.
\n
\nModi is seeing some success in bringing money from overseas as India grows faster than any major economy as his administration seeks to ease investment curbs. Foreign direct investment into India climbed 23 per cent to $55 billion in the 12 months through March 2016, according to government data.
\n
India is a democratic country with a large population and growing economy that make it an attractive market, Tanaka of JICA<\/a> said.
\n
\nModi is partly trying to restore India’s image after legal wranglings contributed to some of the world’s biggest multinational companies foundering in the country.
\n
For example, when former Prime Minister Manmohan Singh<\/a> eased restrictions on the entry of foreign-owned retailers in 2012, Wal-Mart Stores Inc. and Carrefour SA began setting up plans to expand in the country. Singh then reversed course and supported restrictions that effectively barred foreign entrants.
\n
Then there’s Vodafone<\/a> Group Plc, which has been disputing a tax bill involving more than $2 billion related to its acquisition of Hong Kong billionaire Li Ka-shing’s Indian phone business. While Vodafone has said it doesn’t owe the Indian government money because the transaction was conducted offshore, Indian authorities have sought to collect because the deal involved assets in the country.
\n
\nNevertheless, investors drawn to India’s rapid economic growth and relatively young population will probably be willing to overlook these issues, said Abhimanyu Sofat, vice president at brokerage India Infoline Ltd. in Mumbai.
\n
\n\"While the Docomo-Tata spat may impact sentiment, for an investor seriously looking to enter India, it won’t be a huge concern,\" he said.
\n
The feud traces its roots back to 2009, when Docomo agreed to buy shares in Tata Teleservices from Tata Sons<\/a> Ltd. to enter the fast-growing Indian phone market. But as insurance, the agreement entitled the Japanese company to sell its shares back at 50 per cent of the purchase price, or let Tata find a suitable buyer for the stake.
\n
\nBut as competition drove Indian operators to charge less than a penny a minute for calls - among the lowest rates in the world - profits turned elusive for smaller carriers. Tata Teleservices, the nation’s seventh-largest operator, has accumulated more than 300 billion rupees in losses, according to company data accessed from Ministry of Corporate Affairs.
\n
\nIn 2014, Docomo exercised its right to sell out.
\n
\nFor its part, Tata has said its preferred course of paying Docomo as per the original agreement is blocked by India’s central bank, which has said that the deal contradicts the Foreign Exchange Management Act.
\n
\nA 2014 circular from the bank said that non-residents cannot be guaranteed an exit price for an investment and that fair value of such stakes should be determined \"as per any internationally accepted pricing methodology on arm’s length basis, duly certified by a Chartered Accountant or SEBI registered Merchant Banker.\"
\n
\nThough neither company will say what that fair value is, a newspaper reported in July 2015 that Tata offered to buy the stake at 23.34 rupees a share, less than half the 58 rupees per share Docomo has sought.
\n
\nSince the London Court of International Arbitration said in June that Tata should pay $1.17 billion to Docomo, the Japanese company has been seeking to enforce the arbitrator’s decision in courts in New Delhi and the UK.
\n
\n\"The outcome of this case will be carefully monitored, especially since Japan is the second-biggest source of FDI in India,\" said Saket Shukla, a partner at Phoenix Legal in New Delhi. \"If the court holds it’s a valid award, and at the end the government doesn’t allow them to remit the money, then it’s a major concern for investors.\"
\n
\nRegardless of the outcome, investors are likely to give full scrutiny to any ownership terms going forward, said Sofat of India Infoline.
\n
\n\"If anything, it will prompt companies to be more careful that the fine print in their agreements are compliant with law,\" he said.\n\n<\/body>","next_sibling":[{"msid":54361780,"title":"Sufficient interconnect points for Jio, can augment more: BSNL","entity_type":"ARTICLE","link":"\/news\/sufficient-interconnect-points-for-jio-can-augment-more-bsnl\/54361780","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":54362670,"entity_type":"ARTICLE","title":"Soured Tata-Docomo deal tests India's investment appeal","synopsis":"\"The outcome of this case will be carefully monitored, especially since Japan is the second-biggest source of FDI in India,\" said Saket Shukla, a partner at Phoenix Legal.","titleseo":"telecomnews\/soured-tata-docomo-deal-tests-indias-investment-appeal","status":"ACTIVE","authors":[],"Alttitle":{"minfo":""},"artag":"Bloomberg","artdate":"2016-09-16 15:24:42","lastupd":"2016-09-16 15:27:01","breadcrumbTags":["Manmohan Singh","Narendra Modi","Vodafone","industry","Tata Sons","Docomo","JICA"],"secinfo":{"seolocation":"telecomnews\/soured-tata-docomo-deal-tests-indias-investment-appeal"}}" data-news_link="//www.iser-br.com/news/soured-tata-docomo-deal-tests-indias-investment-appeal/54362670">