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ARTICLE · 22 FEBRUARY 2023

HSA | Dispute Resolution & Arbitration Monthly Update | February 2023

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In 2006, TATA Sons Pvt Ltd (Applicant), Siva Industries and Holdings Ltd (Respondent No. 1) and Tata Tele Services Ltd (TTSL) executed a Share Subscription Agreement for the issuance...

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TATA Sons Pvt Ltd v. Siva Industries and Holdings Ltd & Ors

Background facts

  • In 2006, TATA Sons Pvt Ltd (Applicant), Siva Industries and Holdings Ltd (Respondent No. 1) and Tata Tele Services Ltd (TTSL) executed a Share Subscription Agreement for the issuance and allotment of shares of TTSL to the First Respondent.
  • Subsequently, the Applicant, TTSL and NTT Docomo Inc (Docomo) executed a share purchase agreement, whereby Docomo acquired certain equity shares of TTSL from Respondent No. 1. The rights, obligations, and duties of Docomo's ownership of TTSL's shares were recorded in a Shareholders' Agreement (SHA) executed between the three parties.
  • The Respondents then entered into an Inter se Agreement with the Applicant and TTSL, which placed an obligation over the Respondents to purchase the TTSL shares on a pro-rata basis if Docomo exercises its sale option under the SHA.

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