Tata-DoCoMo arbitration deal: RBI wants re-look, Delhi HC refuses to agree

The Reserve Bank of India (RBI) on Tuesday told the Delhi High Court that it wants to have a another look at the joint settlement filed Tata Sons and its erstwhile Japanese telecom partner NTT DoCoMo for enforcement of the $1.17-billion arbitration award by the London Court of International Arbitration (LCIA). Justice S Muralidhar, however, refused to agree with the RBI stand on revisiting the issue, saying "there is no point in going over it all over again". "RBI has already undertaken the exercise (of looking into the award) twice over. It might be better to tell the court whether there is any statutory provision or regulation barring transfer of money overseas under the award," the judge said, adding that while both companies had agreed on a settlement, the only issue left to be decided is whether the RBI saw any impediment in the transfer of money.