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.
Following stiff resistance by the Trinamool Congress led by then opposition leader Mamata Banerjee alleging forcible acquisition of farmland, Tata Motors announced pulling out of the Singur plant set up to manufacture ‘Nano’ car in 2008.
With the making of the final tribunal award, the arbitral proceedings have come to an end, the company said.
“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.
Following stiff resistance by the Trinamool Congress led by then opposition leader Mamata Banerjee alleging forcible acquisition of farmland, Tata Motors announced pulling out of the Singur plant set up to manufacture ‘Nano’ car in 2008.
With the making of the final tribunal award, the arbitral proceedings have come to an end, the company said.
