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Bravo Legalxp

Understanding Law with a Broader perspective..� Useful for : Legal awareness�,Law Aspirants (LL.B, LL.M and Various State Judicial Exams �(PCS-J) �

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30/10/2023

The Bengal government has to pay Tata Motors a massive sum of Rs 765.78 crore with 11 per cent interest from September 2016 for the closure of its Nano factory in Singur, the company said today. The unanimous decision in favour of the company came from a three-member Arbitral Tribunal.

"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 Tata Motors has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs 765.78 crore with interest thereon @ 11% p.a. from September 1, 2016 till actual recovery thereof,"

Tata Motors said in a note to the National Stock Exchange

Source: Ndtv

23/10/2023

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