Key Points
Tata Motors on Monday announced that they have secured an arbitral award amounting to Rs 766 crore as compensation for their investment in the now-defunct Singur plant..
"In respect of the arbitration proceedings between Tata Motors Limited (TML) and West Bengal Industrial Development Corporation Limited (WBIDC), in relation to TMLs claim of compensation from WBIDC under various heads, on account of the loss of capital investments, with regard to the automobile manufacturing facility at Singur (West Bengal), this is to inform that the aforesaid pending Arbitral proceedings before a three member Arbitral Tribunal has now been finally disposed of by a unanimous Award dated October 30, 2023 in favour of TML whereby the claimant (TML) has been held to be entitled to recover from the respondent (WBIDC) a sum Rs.765.78 crore with interest thereon @ 11% p.a. from September 1, 2016 till actual recovery thereof," the company said...
Under the award, Tata Motors is entitled to recover a total sum of Rs 765.78 crore, in addition to an 11 percent per annum interest, commencing from September 1, 2016, until the full recovery is achieved from WBIDC...
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