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MUMBAI: Tata Sons<\/a>, the main holding company of the Tata Group<\/a>, has made a provision of Rs 684 crore in its books for “doubtful recoveries” of dues from its former business partner C Sivasankaran<\/a>. The case relates to additional money that was to be infused by shareholders as part of a settlement with Japanese telecom giant Docomo<\/a>.\n
The move comes at a time when the group is considering shutting down a large part of the telecom business which has been making losses for a long time and which carries a debt burden of about Rs 34,000 crore. In search of a buyer, the group has been considering several options, including the extreme step of shutting down Tata Teleservices<\/a>’ (TTSL) mobile operations, which has around 42 million subscribers having lost 9.8 million customers from January end till July 31 this year.
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\n“In terms of the contractual agreements, the company had called upon other shareholders of TTSL to acquire 482.96 million shares and recover an amount of Rs 3,238 crore. Tata Sons have received Rs 2,544 crore up to March 31, 2017,” Tata Sons explained to its shareholders in the annual report for 2016-17, which was released in September.
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\n“We have made a provision and have initiated arbitration proceedings in this matter and will take all steps required to resolve the issue,” a Tata spokesperson said in an email response to ET’s query. He added that his company is “actively pursuing arbitration” to resolve issues, without giving details such as the name of the defaulting entity against which a provision had been made.
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\nA top Tata group official told ET that the fact that a provision has been made means that they have already written off the possibility of any recovery from Sivasankaran.
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\nAn email sent to Sivasankaran did not elicit any response.
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The issue goes back to 2014. Tata Teleservices, having failed to make profits or make a dent in the market which was then dominated by Bharti Airtel, Vodafone and Idea Cellular, saw its Japanese partner Docomo exercise its put option<\/a> that placed the onus on Tata Sons and other shareholders to buy back the shares.
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\nThe put option is part of a shareholder agreement Tata Sons had signed with NTT Docomo of Japan. Under the agreement, Docomo had the right to call upon the company to acquire its entire shareholding of 1248.97 million shares of Tata Teleservices at the pre-determined price of Rs 58.05 per share. Since Tata Sons could not find a buyer at the predetermined price and the regulator didn’t permit it to buy at a price higher than the fair market value, which was pegged at Rs 23.34 per share, the Japanese telecom company initiated arbitration.
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\nThe arbitration award issued by the London Court of International Arbitration on June 22, 2016 required Tata Sons to pay Docomo an amount equivalent to Rs 8,080 crore for failure to find a buyer for the TTSL shares owned by Docomo.
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Docomo subsequently moved the Delhi High Court to enforce the arbitration award. The Tata Group, then led by Cyrus Mistry<\/a>, deposited Rs 8,450 crore on July 30, 2016 in an escrow account but maintained that the amount would be paid only if RBI gave a go-ahead. Tata Group then called upon other shareholders of Tata Teleservices to cough up their portion of the money required to pay Docomo.
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\nWhile other shareholders including operating companies in the Tata Group paid, Sivasankaran did not.
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On February 23, 2017, the conglomerate, now led by N Chandrasekaran<\/a>, and Dococomo entered into consent terms. Subsequently, the Delhi High Court directed Tata Sons to pay the amount on April 28, 2017.
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\nSivasankaran had sent a notice to Tata Sons on September 19 just before Mistry’s sacking, alleging oppression and mismanagement of Tata Teleservices.\n\n<\/body>","next_sibling":[{"msid":60933542,"title":"Former Idea COO Sivaramkrishnan Ganapathi joins Gokaldas Exports as MD","entity_type":"ARTICLE","link":"\/news\/former-idea-coo-sivaramkrishnan-ganapathi-joins-gokaldas-exports-as-md\/60933542","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[],"msid":60933569,"entity_type":"ARTICLE","title":"Tata Teleservices-Docomo case: Tatas make provision of Rs 684 crore to cover Sivasankaran dues","synopsis":"The case relates to additional money that was to be infused by shareholders as part of a settlement with Japanese telecom giant Docomo.","titleseo":"telecomnews\/tata-teleservices-docomo-case-tatas-make-provision-of-rs-684-crore-to-cover-sivasankaran-dues","status":"ACTIVE","authors":[{"author_name":"Kala Vijayraghavan","author_link":"\/author\/4411\/kala-vijayraghavan","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/4411.cms?width=250&height=250","author_additional":{"thumbsize":false,"msid":4411,"author_name":"Kala Vijayraghavan","author_seo_name":"kala-vijayraghavan","designation":"Editor","agency":false}},{"author_name":"Satish John","author_link":"\/author\/479222248\/satish-john","author_image":"https:\/\/etimg.etb2bimg.com\/authorthumb\/479222248.cms?width=250&height=250","author_additional":{"thumbsize":false,"msid":479222248,"author_name":"Satish John","author_seo_name":"satish-john","designation":"Editor","agency":false}}],"Alttitle":{"minfo":""},"artag":"ET Bureau","artdate":"2017-10-04 08:41:35","lastupd":"2017-10-04 08:44:39","breadcrumbTags":["Tata Teleservices","Tata Sons","put option","C Sivasankaran","Docomo","Cyrus Mistry","n chandrasekaran","Industry","tata group"],"secinfo":{"seolocation":"telecomnews\/tata-teleservices-docomo-case-tatas-make-provision-of-rs-684-crore-to-cover-sivasankaran-dues"}}" data-authors="[" kala vijayraghavan","satish john"]" data-category-name="" data-category_id="" data-date="2017-10-04" data-index="article_1">
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塔塔Teleservices-Docomo案例:再见让提供684卢比Sivasankaran费
此案涉及到额外的钱,是由股东注入与日本电信巨头Docomo作为和解协议的一部分。
孟买:塔塔的儿子的主要控股公司塔塔集团,提供684卢比的书“怀疑复苏”费从它的前商业伙伴C Sivasankaran。此案涉及到额外的钱,是由股东注入与日本电信巨头作为和解协议的一部分Docomo。此举正值该集团正在考虑关闭大部分的电信业务一直在损失了很长一段时间,有大约34000卢比的债务负担。寻找买家,该集团一直在考虑多种方案,其中包括关闭的极端的步骤塔塔电信业务”(TTSL)移动业务,拥有大约4200万用户失去了980万名顾客从今年1月到7月31日结束。
“在合同条款,该公司已要求其他股东TTSL收购4.8296亿股,恢复一笔3238卢比。Tata Sons收到2544卢比到3月31日,2017,“塔塔的儿子2016年年度报告向股东解释——17日9月上映。
“我们有规定,提请仲裁在这件事上,并将采取一切所需的步骤来解决这个问题,”塔塔的一位发言人在一封电子邮件中表示回应等的查询。他补充说,他的公司“积极寻求仲裁”来解决问题,没有给出细节,比如规定的违约的实体的名称。
塔塔集团的一名高级官员告诉等,规定了这一事实意味着他们已经从Sivasankaran注销任何复苏的可能性。
电子邮件发送到Sivasankaran没有引起任何反应。
这个问题可以追溯到2014年。塔塔电信业务,未能使利润或削弱市场当时由Bharti Airtel,沃达丰(Vodafone)和细胞,看到日本伙伴Docomo行使认沽期权把责任放在塔塔的儿子和其他股东回购股票。
看跌期权是股东协议的一部分,与日本NTT Docomo Tata Sons签署了。根据协议,Docomo有权要求公司收购其整个塔塔电信业务的持股12.4897亿股每股58.05 Rs的预先确定的价格。由于塔塔的儿子不能找到买家在预定的价格和监管机构不允许购买价格高于公允市场价值,以每股23.34 Rs挂钩,日本电信公司提请仲裁。
仲裁裁决发布的伦敦国际仲裁法院6月22日,2016年要求Tata Sons Docomo相当于8080卢比支付未能找到买家的TTSL Docomo持股。
Docomo后来搬到德里高等法院强制执行仲裁裁决。塔塔集团,然后由塞勒斯Mistry2016年7月30日,沉积8450卢比在一个托管账户,但坚持认为,消费金额将只有央行批准。塔塔集团然后要求其他股东的塔塔电信业务咳嗽部分支付Docomo所需的钱。
而其他股东包括塔塔集团的运营公司,Sivasankaran没有。
2017年2月23日,集团现在为首N Chandrasekaran,Dococomo进入同意条款。随后,德里高等法院指示Tata Sons支付4月28日,2017年。
Sivasankaran有发送一个通知给塔塔儿子9月19日之前Mistry的解雇,指控压迫和塔塔电信业务的管理不善。
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