NEW DELHI: Tata Motors on Monday announced that they have secured an arbitral award amounting to Rs 765.78 crores as compensation for their investment in the now-defunct Singur plant.
“The aforesaid pending arbitral proceedings before a three-member Arbitral Tribunal has now been finally disposed of by a unanimous award in favour of Tata Motors Limited (TML) whereby the claimant(TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.765.78 crores with interest thereon @ 11% p.a.from September 1, 2016 till actual recovery thereof,” Tata Motors said in a statement.
“The Claimant (TML) has also been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.1 crore towards the cost of the proceedings,” it added.
More details to follow.
“The aforesaid pending arbitral proceedings before a three-member Arbitral Tribunal has now been finally disposed of by a unanimous award in favour of Tata Motors Limited (TML) whereby the claimant(TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.765.78 crores with interest thereon @ 11% p.a.from September 1, 2016 till actual recovery thereof,” Tata Motors said in a statement.
“The Claimant (TML) has also been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.1 crore towards the cost of the proceedings,” it added.
More details to follow.