"The LCIA (London Court of International Arbitration) tribunal found that Tata Sons had breached its contractual obligations, which were legally capable of performance in ways that did not require permission from the RBI or Ministry of Finance," the Japanese telecom giant said in a statement.
The London-based tribunal last month ordered Tata Sons to pay DoCoMo USD 1.17 billion in compensation for breaching an agreement on India joint venture.
DoCoMo, however, argued that "awards made in England by LCIA tribunals are recognised under the New York Convention, to which India was one of the original signatories on the 10th June 1958."
Hence, as a signatory to the New York Convention, "India is bound to enforce the award decision of the LCIA tribunal for Tata to pay USD 1.17 billion to DoCoMo", it said.
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"...Docomo notes that the reports (news) cite correspondence between RBI and MOF from back in late 2014 and early 2015," it added.
NTT DoCoMo in November 2008 acquired 26.5 per cent stake in Tata Teleservices for about Rs 12,740 crore (at Rs 117 per share). This was as per a understanding that in case it exits the venture within five years, it will be paid a minimum 50 per cent of the acquisition price.
But the Indian Group offered Rs 23.34 a share in line with RBI guidelines that states that an international firm can only exit its investment at a valuation "not exceeding that arrived at on the basis of return on equity".
The Japanese firm dragged Tata Group to international arbitration where it won a USD 1.17 billion award. To honour that award, an application was made to the RBI seeking exemption from the foreign exchange Act.