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The battle between <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> and Cyrus Mistry is not going to end soon as it is just getting murkier. Now, Mistry has dismissed accusation levelled by Tatas that he acted on his own regarding the Docomo deal, without informing the Tata Board. 
 Mistry, in a statement, said it was 'false and mischievous' to suggest that he acted on his own or without the knowledge of <keyword id="6360722" type="PERSON" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword> on the Tata-Docomo matter. 
 
“Insinuations that Docomo issue was handled in a manner inconsistent with Tata culture and values are baseless,” the statement from Mistry’s office read. 
 
Mistry said all the decisions regarding the Docomo deal was taken after the approval of Ratan Tata and Tata Sons Board. 
 
" The suggestion that Ratan Tata and the trustees would not have approved of the manner in which the litigation was conducted is contrary to what transpired," the statement said. 
 
Stating that a number of discussions on the Docomo situation had been held in the Tata Sons board, the statement added: "Mistry had always mentioned that the Tatas should honour all commitments within the law. This stance is based on Tata Sons' board view and was always consistent with the series of board meetings in which the Docomo issue was discussed." 
 
Tata Group is entangled in a legal tussle with Japanese firm, NTT DoCoMo. DoCoMo had in November 2009 acquired 26.5 per cent stake in Tata Teleservices for about Rs 12,740 crore (at Rs 117 per share) with an understanding that in case it exits the venture within five years, it will be paid a minimum 50 per cent of the acquisition price. 
 
DoCoMo, in April 2014, decided to exit the joint venture that struggled to grow subscribers quickly and sought Rs 58 per share or Rs 7,200 crore from the Tatas. 
 
But the Indian group offered Rs 23.34 a share in line with RBI guidelines that states that an international firm can only exit its investment at a valuation "not exceeding that arrived at on the basis of return on equity". 
 
The Japanese firm then dragged the Tatas to international arbitration where it won a $1.17 billion award. 
 
"Nevertheless, the Tatas applied to RBI for approval. Since RBI approval was not forthcoming, Docomo initiated arbitration. The award was passed in favour of Docomo and against the Tatas," the statement added. 
 
Tatas did not challenge the award in the UK. On the contrary, RBI was approached once again by the Tatas for permission to pay the amount awarded. RBI again refused permission, the statement said. 
 
"When Docomo sought enforcement of the award in the Delhi High Court, in order to show their bonafides, Tatas deposited a sum in excess of Rs 8,000 crore in court," it added. 
 
Insisting that Tata and NA Soonawala, Trustee, were kept informed throughout the process, the statement said they even participated in separate meetings held with Mistry. 
 
"They also participated in the meeting with the legal counsel (who also happened to be a trustee of the Dorabji Tata trust) and who represented Tatas in the litigation. At all times, Ratan Tata and Soonawala concurred and approved the course of action adopted by the Tatas and as advised by legal counsel," it said. 
 
"In light of the above facts, to suggest that Mr Mistry acted on his own, or contrary to 'Tata values', or without the knowledge and/or concurrence of Ratan Tata and Soonawala is as false as it is mischievous," the statement by his office added.

Mistry’s war of words with Tatas escalates; says 'mischievous' to suggest he acted on his own on Docomo deal

<keyword id="6354335" type="CITY" weightage="100" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (RBI), the central banking authority of the country has opposed a pact between the <keyword id="6355725" type="CITY" weightage="100" keywordseo="Tata-Group">Tata Group</keyword> and <keyword id="18313" type="CITY" weightage="100" keywordseo="NTT-Docomo">NTT Docomo</keyword>, which was made to resolve a long standing <keyword id="45001" type="UNKNOWN" weightage="100" keywordseo="dispute">dispute</keyword> between the two. 
 
It was during a hearing in the <a href="http://www.businessinsider.in/topic/Delhi-High-Court">Delhi High Court</a> that <keyword id="4271219" type="UNKNOWN" weightage="100" keywordseo="RBI-opposed-Tata">RBI opposed Tata</keyword>’s decision to pay Docomo, arguing that such payment would amount to transfer of shares, thus rendering it illegal. 
 
The dispute was over the enforcement of a $1.17-billion arbitral award by an international court to Docomo. 
 
Justice S Murlidhar, however, wanted to know if the banking authority could oppose the award's enforcement when both Tata and Docomo had agreed to settle down the matter. Tata group has already deposited the amount with the court, and the next hearing is on March 14. He also added that the case had international implications. 
 
Also read: <a href="http://www.businessinsider.in/is-rbi-regretting-demonetization/articleshow/56537156.cms">Is RBI regretting demonetization?</a> 
 
To this, RBI lawyer Mukund C told the court that any step that led to payment being made to Docomo would set an example, and that Docomo he <a href="http://www.businessinsider.in/This-is-what-makes-RBI-one-of-the-countrys-most-desirable-employers/articleshow/52832249.cms">banking regulator </a>was also concerned that the Japanese company may pursue similar enforcement in the US and the UK if it doesn't succeed in India. 
 
The court held this argument as "absurd, as RBI's writ wouldn't run overseas in any case. 
 
Also read: <a href="http://www.businessinsider.in/Tata-Teleservices-DoCoMo-To-Split-Setting-Stage-For-Negotiations-Over-Valuation/articleshow/38125072.cms">Tata Teleservices &amp; DoCoMo To Split, Setting Stage For Negotiations Over Valuation</a> 
 
"RBI has no jurisdiction outside India," the judge said. "How can you object to enforceability anywhere else in the world? If they (Tata) have assets anywhere else, they (Docomo) can move a court there for the enforcement of the award. There is no law prohibiting it," he added. 
 
When asked if the deal required special permissions, Mukund sought for time to seek instructions about the same. 
 
The case involves <a href="http://www.businessinsider.in/topic/NTT-Docomo">NTT Docomo</a> fighting Tata Sons over the right to sell its stake in the Indian wireless venture for at least half the original value, according to the terms of the 2009 agreement. Even though Tata group said that it was willing to pay the award, Indian rules prohibited it, saying that valuation has to be based on present fair value. 
 
(Image source: IB Times)

RBI opposes Tata’s decision to pay Docomo over two-year long dispute

<keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword> Chairman <a href="http://www1.businessinsider.in/searchresult.cms?query=anil+ambani&amp;sortorder=effectivedate">Anil Ambani </a>is said to have met newly appointed <keyword id="46894" type="PERSON" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword> Chairman <a href="http://www1.businessinsider.in/searchresult.cms?query=N+Chandrasekaran&amp;sortorder=effectivedate">N Chandrasekaran </a>to talk about the possible merger of <a href="http://www1.businessinsider.in/searchresult.cms?query=reliance+communication&amp;sortorder=effectivedate">Reliance Communications </a>with the <a href="http://www1.businessinsider.in/searchresult.cms?query=Tata+Group&amp;sortorder=effectivedate">Tata Group</a>. 
 
In an effort to counter rising <a href="http://www1.businessinsider.in/searchresult.cms?query=reliance+jio&amp;sortorder=effectivedate">Reliance Jio</a> and upcoming <a href="http://www1.businessinsider.in/searchresult.cms?query=vodafone&amp;sortorder=effectivedate">Vodafone</a> and<a href="http://www1.businessinsider.in/searchresult.cms?query=idea&amp;sortorder=effectivedate"> Idea </a>merger, <keyword id="46907" type="CITY" weightage="100" keywordseo="Reliance-communications">Reliance Communications</keyword> may merge with <keyword id="6359475" type="CITY" weightage="20" keywordseo="Tata-Teleservices">Tata Teleservices</keyword>. 
 "Nothing has been finalised yet,” ET quoted sources as saying, who added there are some obstacles such as Tata Tele's debt of about Rs 30,000 crore. The legal issue regarding <keyword id="18313" type="CITY" weightage="20" keywordseo="NTT-Docomo">NTT Docomo</keyword>'s exit from Tata Tele also needs to be resolved, the source told ET. 
 
If the deal gets through, RCom, Aircel and MTS will be one entity, which will have around 260 million subscribers. Presently, <a href="http://www1.businessinsider.in/searchresult.cms?query=airtel&amp;sortorder=effectivedate">Airtel </a>has 266 subscribers and <keyword id="15492" type="CITY" weightage="20" keywordseo="Vodafone">Vodafone</keyword> and <keyword id="6354924" type="PERSON" weightage="20" keywordseo="Idea-Cellular">Idea Cellular</keyword> have 205 million and 190 million subscribers, respectively. 
 
Jio had over 72 million users as of December end. 
 
“While the combined entity won't be breaching any spectrum holding limits, it may choose to surrender some or all of Tata Tele's 800 MHz airwaves as RCom on its own, and through its sharing tie-up with Jio, already has a lot of those 4G airwaves and may not want to pay the additional amount to the government,” ET quoted sources as saying. 
 
The telecom war has intensified. 
 
"It does not make sense to stay in an industry if you are not among the top three,” one of the persons told ET.

Reliance Communications likely to merge with Tatas to take on Vodafone-Idea merger, rising power of Reliance Jio

<ul><li>Vodafone Idea is left with no choice but to proceed for insolvency as the JV landed with the accumulated cumulative bill of ₹53,000 crore. </li><li>Tata Sons might either borrow or are known to either borrow or sell stakes in a business to pay it off. </li><li>Anil Ambani’s RCom was already in bankruptcy struggling to find buyers for its spectrum, fibre and other assets. </li></ul>When the government opened the telecom sector to private players, every big business house of the country rushed to invest in it. But now, right from Ambanis to Tatas and Birlas — everyone is <a href="https://www.businessinsider.in/business/news/airtel-voda-idea-tata-tele-likely-to-pay-agr-dues-on-monday-dot-source/articleshow/74162195.cms">paying the price for the many shocks this sector has posed. </a> It is yet to be seen if the sector which stood through two rounds of tariff war, will be able to survive the reparations sought<a href="https://www.businessinsider.in/business/corporates/news/airtel-and-vodafone-idea-share-price-hit-after-supreme-court-summons-sunil-mittal-and-kumar-mangalam-birla/articleshow/74129606.cms"> by telecom department as spectrum dues</a>. Birlas and the curse of Vodafone When Kumar Mangalam Birla— the tenth richest man in the country who is worth<a href="https://www.forbes.com/profile/kumar-birla/#2d68deb448ca"> $9.7 billion</a>— decided to merge his Idea Cellular with Vodafone India, he was hoping to create a stronger entity. Little did he know that it would mean merging liabilities — especially after SC backed telecom department’s definition of aggregate gross revenues. They landed with the accumulated cumulative bill of ₹53,000 crore. After seeking government relief, and pleading the courts to not take ‘coercive action’ on non-payment, Birla has ended speculation that Vodafone Idea would go under and<a href="https://www.businessinsider.in/business/telecom/vodafone-offers-to-pay-2500-crore-upfront-yet-sc-refuses-to-back-down-on-coercive-action/articleshow/74171965.cms"> decided to pay up</a>. “The Company is currently assessing the amount that it will be able to pay to DoT towards the dues calculated based on AGR as interpreted by the Hon'ble Supreme Court. The Company proposes to pay the amount so assessed in the next few days,” Vodafone Idea said in a press release. Birla who had earlier said that there is no point in good money following ‘bad’ money — had a lot more to lose i<a href="https://www.businessinsider.in/business/corporates/news/airtel-and-vodafone-idea-share-price-hit-after-supreme-court-summons-sunil-mittal-and-kumar-mangalam-birla/articleshow/74129606.cms">f Vodafone goes under </a>The group’s credit rating will be affected if Vodafone is liquidated, Sandeep Parekh, a lawyer at Finsec Law Advisors said in a TV interview. And, it will have a bearing on the Birla group’s corporate guarantees will make in the future. The conglomerate with interest in businesses ranging from cement to mining and a 147-year history might not be able to afford such a dent. Tatas to borrow or sell take to pay dues The ghost of Tata Docomo is back to haunt the Tatas. The company which started the first telecom tariff war in India had to sign a multi-billion dollar cheque to Japanese telecom major DoCoMo in 2017, as the business closed down. The predatory discounts and the slow uptake had made the group liable to their Japanese partner. After the AGR dues case, the legacy claims of losses have only extended. They have been sent a bill of ₹13,823 crore, and Tata Sons might either borrow or sell stakes in a business to pay it off, <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/tata-sons-may-bank-on-tcs-to-clear-teleservices-agr-dues/articleshow/73709600.cms">according to Economic Times</a>. Telecom business and its failure was one of the main points that former chairman of Tata group, Cyrus Mistry pointed out as its many fallacies. Years before the cheque to DoCoMo was signed, <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-warning-to-ratan-tata-on-jlr-tata-motors-airasia-and-telecom/articleshow/72873129.cms">Mistry had predicted that Docomo's telecom</a> venture would leave a massive hole in Tata’s business. He said the cost of exiting the business would be $4-6 billion. Even Mistry could not have predicted the ‘extras’ (like the bill it is faced with right now) they would have to keep on paying after exiting the business. The double dues of Ambani-led RCom Anil Ambani’s problems with the telecom business started long before SC judgement. In fact, it was already in bankruptcy struggling to find buyers for its spectrum, fibre and other assets. Even after the sale, the creditors who are o<a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/rcom-insolvency-coc-expects-to-raise-rs-14000-cr-from-assets/articleshow/72357982.cms?from=mdr">wed ₹49,000 crore will only receive</a> a quarter of what they are owed. Since Government’s claim came much after, it might not receive any. But, no one is vindicated in the case. If the spectrum dues are added to the liabilities, they might have a bearing on the sale which has received ₹25,000 crore bids from Reliance Jio and UV Asset Reconstruction Company (UVARC). In addition to this, the business of telecom itself left the younger Ambani in all sorts of troubles - one of them being a court case in the UK. A UK High Court <a href="https://www.moneylife.in/article/anil-ambani-asked-to-pay-100-million-within-6-weeks-by-uk-hc-in-loan-default-case-filed-by-3-chinese-lenders/59472.html">asked Anil Ambani, the chairman of Reliance Communication to pay $100 </a>million within six weeks. This comes a week after Ambani declared his net worth zero. Three Chinese banks — Industrial and Commercial Bank of China (ICBC), China Development Bank and the Export-Import Bank of China — sued Anil Ambani <a href="https://www.businessinsider.in/thelife/personalities/news/anil-ambanis-journey-from-42-billion-net-worth-to-claiming-poverty/articleshow/74028627.cms">for defaulting on a loan</a> that was given to Reliance Communications. According to the banks, Mukesh Ambani’s younger brother owes them over ₹5000 crore (about $700 million). See also: <a href="https://www.businessinsider.in/business/corporates/news/airtel-and-vodafone-idea-share-price-hit-after-supreme-court-summons-sunil-mittal-and-kumar-mangalam-birla/articleshow/74129606.cms">India's Supreme Court threatened Airtel and Vodafone with 'contempt' proceedings⁠</a> <a href="https://www.businessinsider.in/stock-market/news/supreme-court-verdict-on-airtel-and-vodafone-idea-adjusted-gross-revenue/articleshow/71737421.cms">Airtel and Vodafone-Idea get a devastating blow from India's Supreme Court</a>

Every one of India’s biggest billionaires is dealing with the telecom crisis differently

MUMBAI: Japan’s <keyword id="18313" type="CITY" weightage="40" keywordseo="NTT-Docomo">NTT DoCoMo</keyword> has decided to exit <keyword id="6359475" type="CITY" weightage="40" keywordseo="Tata-Teleservices">Tata Teleservices</keyword> by selling its 26.5% stake in its telecom joint venture with the <keyword id="6355725" type="CITY" weightage="40" keywordseo="Tata-Group">Tata Group</keyword> through a pre-agreed put option, setting the stage for protracted negotiations over valuation as the Indian conglomerate is likely to renegotiate the sum it has to pay to buy back the shares. The agreement was signed between the two companies in 2008-09. 
 
Both Cos have Hired Legal Teams 
 
Under the terms of the agreement, the Tata Group needs to ensure that its partner in the lossmaking joint venture gets the higher of either half the investment it made — which amounts to Rs 7,250 crore — or the stake’s fair market price in case the company fails to perform at a certain level. NTT DoCoMo had issued a notice to the Tatas three days ago, exercising its option to get a refund of Rs 7,250 crore by returning its 26% in Tata Teleservices before the deadline on July 9, said a lawyer involved in the transaction. 
 
Confirming the development, Tata Sons spokesman Debasis Ray said in an email: “The formal communication has now been received from NTT DoCoMo to that effect.” However, the Tata Group, which has applied for RBI approval to pay NTT DoCoMo as per the put option, expects regulatory hurdles. A central bank rule says put options must be exercised based on prevailing return on equity at the time the option is exercised, which could play spoilsport for DoCoMo’s exit plan. 
 
Since Tata Tele has been making losses and its net worth is negative, this clause could mean DoCoMo might not get the price it is looking for. RBI, in its latest monetary policy in May, had indicated that it was examining a mechanism linking such options to a fair market value, but it is yet to implement that decision. 
 
DoCoMo had purchased its Tata Tele stake in instalments in 2009 and 2011 for $2.7 billion, at a time the telecom sector was the poster child of India’s fast-growing economy. 
 
Facing the prospect of lengthy negotiations to arrive at a middle ground on valuations, the Tatas have lined up legal eagle Harish Salve, law firm Amarchand Mangaldas, UK-based firm Freshfields, and Mumbai-based AZB Partners to act on its behalf. NTT DoCoMo is likely to be represented by Khaitan &amp; Co, law firm Skadden, Arps, Slate, Meagher &amp; Flom. 
 
NTT DoCoMo spokeswoman Hiroko Shimoyama said she cannot comment due to confidentiality obligations.The joint venture partners will soon enter into fresh talks to arrive at a final price, according to people familiar with the matter. “One hopes that it won’t come to a legal battle. Both groups are reasonable and prefer to avoid that,” said a person involved.“ 
 It is not possible to predict how events will unfold; however, Tata Sons is cognizant of its responsibilities, and will act keeping in mind the interests of all stakeholders and in accordance with law,” added Roy, reiterating an April 25 statement by Tata Sons.The RBI rule was also invoked by the <keyword id="6425677" type="CITY" weightage="40" keywordseo="Essar-Group">Essar Group</keyword> when Vodafone exercised its option to buy Essar’s 33% in Vodafone India in 2011. 
 
However, the two companies agreed to up the price a little for the Indian promoter by depositing additional funds in an escrow account in case tax is imposed on the transaction, else the deposited amount will be given to Essar. This time around, as money will go out of India, the deal might attract more scrutiny. 
 
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“In 2008, there was no regulation around put calls. People assumed that these contracts will be honoured and so incorporated them in JV agreements. But RBI has now become far stricter and concerned over outflow of dollars,” said a legal advisor involved. 
 
NTT DoCoMo is the second large Japanese investor to be faced with disappointment in its India investment after Daiichi Sankyo’s buy into generic drug-maker Ranbaxy. Daiichi exited its Ranbaxy investment in May this year, selling its stake to Sun Pharma at less than half the $4.6 billion it paid in 2008. 
 
LOSS-MAKING VENTURE 
 
The Japanese company is exiting the Indian telecom venture since it is known to prefer owning a majority in its ventures and because it feels it cannot control management actions adequately in India, said a person familiar with DoCo-Mo’s thinking. They are also disappointed by the company’s performance. For the year ending March 31, 2014, Tata Teleservices recorded a loss of nearly Rs 2,000 crore, according to data from the Registrar of Companies (RoC). Its user base has been shrinking over the past two years. 
 
In December last year, Tata Teleservices’ lenders had insisted on a Rs 4,000-crore equity investment from the parents to recapitalise the company. Tata Sons had agreed to put in that amount through two tranches. In an effort to reduce losses, Tata Teleservices shut base stations at around 8,000 locations and entered into agreements with rivals Aircel and Reliance Communications to provide coverage where its network has gaps. 
 
In the financial year that ended in March 2013, Tata Teleservices’ net worth was completely wiped out and equity value fell to a negative Rs 1,863 crore from around Rs 3,000 crore in the previous year, according to data with RoC. Tata Teleservices is also weighed down by its debt of Rs 28,000 crore. The sum is said to have deterred potential suitors including Vodafone, and the exit of NTT DoCoMo may put this company at risk of becoming a distress sale target, said an investment banker. 
 The Tata Sons spokesman said substantial value had been created. “On the valuation of TTSL, it is an unlisted company. Substantial value has been created in it, reflected not only in its large retail subscriber base of over 63 million and its successful enterprise offerings, but also in its market leading position in data carriage, reflected in the high <keyword id="34527" type="UNKNOWN" weightage="40" keywordseo="market-share">market share</keyword> of products like Photon,” said the spokesperson. 
 
Top executives at two potential acquirers of the company said they were interested but did not want to take on the debt. For a deal to take place, they said, lenders need to take a “haircut” by writing off part of their exposure to Tata Tele, or the Tata Group has to assume responsibility for some of the debt. The Tata Group had evinced interest in exiting the telecom business as far back as 2010, and has refrained from any major investments since Chairman Cyrus Mistry took over.

Tata Teleservices & DoCoMo To Split, Setting Stage For Negotiations Over Valuation

The clash between <keyword id="6360722" type="UNKNOWN" weightage="20" keywordseo="ratan-tata">Ratan Tata</keyword>’s pride and <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword>’s passion led to the latter’s ouster from Tata Sons in 2016. Today, he has won the battle at the National Company Law Appellate Tribunal (NCLAT) but the battle is far from over. But at the time of infamous exit in 2016, Mistry made some startling allegations. He blamed the board for the group’s ballooning debt and expensive mistakes. In <a href="https://www.businessinsider.in/full-text-of-cyrus-mistrys-email-to-tata-board/articleshow/55090303.cms">his open letter</a>, Mistry said that he was being forced to pay the price for trying to make things right⁠— moving to a low-debt and a high-profit regime. 
 <div type="image" title="mistry car" msid="72873174" hostid="261"></div>



 After the NCLAT order today, Mistry called it a victory for “good governance and minority shareholder rights.” However, Tata Sons is likely to appeal at the Supreme Court, which will then have the final say on whether Mistry can actually return as the Executive Chairman of the conglomerate that has listed companies whose market value is over $100 billion. In the three years of Mistry’s exile, some of his warnings have come true The first and foremost was <keyword id="6354362" type="COMPANY" weightage="20" keywordseo="Jaguar-Land-Rover">Jaguar Land Rover</keyword> acquisition where he said that it would result in $10 billion of impairments. And his prediction came true earlier this year when Tata Motors took a $3.9 billion non-cash asset impairment – which is basically an acknowledgement of loss of value. The next in line was the massive hole that Docomo’s telecom venture would leave them with. While Mistry wanted to fight a battle against the Japanese telecom major, the “hangers-on”, as Mistry called some of his older peers on the Board, wanted to pay up and settle the dispute. Mistry had predicted that the cost of exiting the business would be $4-5 billion and years after Mistry left the job, the group is known to have written a $6 billion cheque for the blatant error of starting a price war in the telecom sector. Mistry also hit hard on Ratan Tata’s <a href="https://www.businessinsider.com/tata-nano-failure-2011-12">passion project, Nano</a> ⁠— “the ₹1 lakh car” 
 <div type="image" title="rata nano" msid="72873186" hostid="261"></div>



 As per the letter he wrote the board, the cost of making the Nano were always above the sale price. “As there is no line of sight to profitability of Nano, any turnaround strategy for the company requires it to shut it down. Emotional reasons alone have kept us away from this crucial decision,” lamented an irate Mistry. Now, the car will be manufactured on an order basis, said a report <a href="https://www.drivespark.com/four-wheelers/2018/tata-nano-production-stopped-manufactured-on-order-basis-026010.html">by an auto website</a>. However, Mistry’s biggest grouse was the group’s investment in aviation, particularly Air Asia. “My pushback was hard but futile. However, I was able to extract a promise of no debt to be raised at the level of JV as well as limiting Tata Sons investment to 30% of the $30 million equity,” he said in his letter. But eventually he was ‘made’ to execute a deal where Tata Sons would take 51% stake in $100 million venture wherein Tatas ended up investing in two airlines –AirAsia and Vistara. Consequences unfolded, and in 2018-19, <keyword id="6358246" type="COMPANY" weightage="20" keywordseo="AirAsia">AirAsia</keyword>’s losses widened by four times from last year to ₹671 crore. Making matters worse, a forensic audit revealed a fraud to the tune of ₹22 crore which were made to non-existent parties but they were never studied further as the impact was ‘non-material’, according to the Board. Once again, Mistry could stand and go “I told you so.” If Mistry prevails at the top court, it could do irreparable damage to Ratan Tata, a hallowed corporate leader in India for decades. He accused Ratan Tata of shadow control to the extent that one of the board members would take a break from crucial decision making to make a phone call to him ⁠— which Mistry said violated the rules of insider trading. However, Tata Sons released a statement saying that they will pursue appropriate legal recourse. “It is not clear as to how the NCLAT Order seeks to over-rule the decisions taken by shareholders of Tata Sons and listed Tata operating companies at validly constituted shareholder meetings. The NCLAT order appears to even go beyond the specific reliefs sought by the Appellant,” said Shuva Mandal, group general counsel at Tata Sons. Therefore, Tata Sons is likely to give up on its fight against Mistry any time soon. Expect more dramatic turns in one of the biggest battles in the history of corporate India. Here’s a timeline of the legal battle between Cyrus Mistry and Tata Sons over the last three years. 
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 SEE ALSO <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-can-return-as-tata-sons-chairman-three-years-after-he-was-thrown-out-by-ratan-tata/articleshow/72868406.cms">Cyrus Mistry can return as Tata Sons Chairman three years after he was thrown out by Ratan Tata</a> <a href="https://www.businessinsider.in/business/corporates/news/cyrus-mistry-still-has-to-prove-the-charges-against-ratan-tata-and-tata-sons-board/articleshow/72868673.cms">First Cut: The legal implications of Mistry's victory in the case against Tata Sons</a>

Cyrus Mistry was proven right on at least four of his warnings to the Tata Sons Board even before the latest court ruling

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

<ul><li>The 14 year old battle on defining ADR will cost Airtel and Vodafone-Idea over ₹50,000 crore in penalties and interests.</li><li>The order also technically affects 13 other telecom companies which have ceased to exist.</li><li>While a few filed for bankruptcy, others have simply shut down operations. </li></ul>It is not just Bharti Airtel and Vodafone-Idea that are affected by the Supreme Court order which went in favour of the telecom department. Ideally, other than these two companies – which were three earlier–there were 13 others who could have been affected by the order, if they did survive. Fortunately for them and unfortunately for DoT – they did not. As much as ₹38,000 crore that the telecom department is owed can never be recovered, according to a report by Spark Capital. “Recovery is unlikely from bankrupt companies given banks are already taking a haircut on such telcos,” Nitin Soni, director of corporate at Fitch Ratings told Business Insider India. One of such is Reliance Communications which is now undergoing bankruptcy proceedings. It is the only telecom company for whom the change in definition of Adjusted Gross Revenue (ADR) is known along with penalties---at over ₹16,000 crores. However, since this order came much after it went into bankruptcy, there is no way could recover it. Aircel has been fighting a losing battle with its own debt and inability to keep up its operations. Just last year, the company became defunct and filed for bankruptcy. But the company was once the market leader in Tamil Nadu and also expanded to 6 other circles. But it was hit by a controversy over its takeover by Malaysian company Maxis Communications and was heavily investigated by the CBI. By 2012, it had started scaling down its operations owing to excessive competition among other hurdles. It had tried to merge itself with many operators including Sistema, Airtel and RCom but those deals never took off. The next in line is BPL Communications which unlike other telecom companies, died a natural death. Its held licence only for the Mumbai circle which expired in 2014. While it did consider re-applying for it and also merging itself with Airtel, that was not to be. It simply stalled operations and allowed its users to port out. DoT is getting nothing from it, as no traces of this company exists now. There are many others which have been protesting against DoT’s move to charge ADR on all the revenues of a telecom company instead of those which centric to telecom operations. Some of them are listed entities like Tata Teleservices Maharashtra, and others like Tata Teleservices which also includes Tata Docomo and Tata Indicom. But these companies have since merged with Airtel and the extent of their liability and ability to pay up is not known.

Airtel and Voda-Idea could pay DoT, but what about ₹38,000 crore from defunct telcos?

<ul><li><keyword id="6411578" type="PERSON" weightage="20" keywordseo="ajay-piramal">Ajay Piramal</keyword> received ₹8,900 crore, a whopping 52% return or $1.4 billion as per the exit agreement from vodafone-Idea.</li><li>Singh however exited <keyword id="6354923" type="UNKNOWN" weightage="20" keywordseo="vodafone-india">Vodafone India</keyword> in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore.</li><li>Essar agreed to sell their stake at $5 billion which was a part of the deal</li><li>Here is a look at these three wise men</li></ul>The owners and shareholders of Vodafone Idea alike are nervous about its survival. All thanks to Supreme <a href="https://thewire.in/business/apex-court-verdict-on-agr-how-much-will-indias-telecom-industry-have-to-cough-up">Court’s move to support Indian telecom department</a> over a dispute on revenue calculations. That means <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone is saddled with a bill of ₹44,150 crore</a>. But not all those who invested in Vodafone have lost. In fact, <a href="https://www.business-standard.com/article/companies/wherever-vodafone-investors-go-hefty-returns-follow-114041500133_1.html">three investors made the right bet at the right time</a> and walked away with handsome profits. Here is a look at these three wise men Ajay Piramal makes 52% returns on his investment 
 
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 Right after the first telecom war cooled off, Vodafone India (before merger with Idea) was back in the green due to reduced competitive intensity. That is when Vodafone was planning to go ahead with a public offer. One of the pre-IPO investors was Ajay Piramal who via Piramal Enterprises purchased 11% stake in 2011-12. He paid ₹5,864 crore but when it became obvious that the IPO plans were not going through, he also sold them in 2014. And, <a href="https://www.forbes.com/sites/naazneenkarmali/2013/12/06/indian-billionaire-ajay-piramal-to-get-500-million-windfall-from-vodafone-stake-sale/#645833232d13">he received ₹8,900 crore</a>, a whopping 52% return or $1.4 billion, as per the exit agreement. Putting it simply, he received a listing premium for an IPO that never happened. Now of course, the Piramals are associated with the reigning telecom giant Jio, by marriage. Ajay Piramal’s son Anand Piramal is married to Isha Ambani, the daughter of Mukesh Ambani, the owner of Reliance Industries. Analjit Singh exits his legacy investments for ₹1, 241 crore 
 
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 <a href="https://www.thehindubusinessline.com/info-tech/analjit-singh-appointed-vodafone-india-chairman/article23065539.ece">Analjit Singh</a>, the founder and chairman of Max India, and his wife held 24.65% in Vodafone through Scorpio Beverages. He <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">had been with the Hutch group</a> before it was purchased by Vodafone and also increased in stake later. Singh however exited Vodafone India in 2014 by selling his entire stake to its parent company Vodafone for ₹1, 241 crore. He got <a href="https://economictimes.indiatimes.com/industry/telecom/analjit-singh-to-get-1/7th-of-what-piramal-will-get-for-exiting-vodafone/articleshow/26973026.cms?from=mdr">1/7th of what Piramal received</a>, as the British parent was increasing its stake in the company. He currently heads Max Group that comprises of three holding firms, namely Max Financial Services, Max India and Max Ventures and Industries. The Ruias of Essar call in the cash with their put option 
 
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 When Ruias of Essar sold 67% of controlling stake to Vodafone in 2007, they never exited completely. They had held 33% minority stake in the company. The former deal which landed Vodafone in an <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">unexpected tax case</a>, also provided Ruias with a put option to exit their investment. During the start of this decade, Vodafone was planning an IPO and buying out all the minority shareholders. After multiple rounds of <a href="https://www.business-standard.com/article/technology/essar-exits-vodafone-for-5-bn-111040100124_1.html">negotiating and dilly dallying</a>, Essar agreed to sell their stake at $5 billion which was a part of the deal. However, since the 2007 deal was brokered, the value of India business had gone down due to severe competition as Tata DoCoMo made an entry in 2008. See also: <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms">Vodafone-Idea is now a ₹3 stock after a shocking quarterly loss</a> <a href="https://www.businessinsider.in/stock-market/markets/news/vodafone-idea-share-price-falls-sharply-after-record-loss-in-second-quarter/articleshow/72065283.cms"> </a><a href="https://www.businessinsider.in/business/corporates/news/vodafone-writes-off-book-value-of-indian-operation-ceo-flags-liquidation-risk/articleshow/72031766.cms">Vodafone CEO Nick Read hints at a possible collapse without government support</a>

Three wise men who exited Vodafone India just in time to make millions

<ul><li>According to the report, Google is looking to acquire a stake of 5% in <keyword id="1553175" type="COMPANY" weightage="20" keywordseo="Vodafone-Idea">Vodafone Idea</keyword>.</li><li>The news comes after Facebook picked up a 9.99% stake in leading telecom operator Reliance Jio for $5.7 billion.</li><li>Google’s interest in Vodafone Idea could be an after-thought, after it reportedly missed out on the Jio deal to Facebook.</li></ul>Shares of Vodafone Idea have surged by more than 30% on May 29 after reports suggested Google is exploring a stake purchase in struggling telecom operator. The move comes after Facebook picked up a 9.99% stake in Reliance Jio, India’s leading telecom operator. According to a <a href="https://www.ft.com/content/3f763918-d0b1-4a02-a581-e241753c75eb">report</a> by Financial Times, Google could pick up a 5% stake in Vodafone Idea. The report also adds that the talks are still in a “very early stage”, so the details of the deal could change. The report further adds that Google is also in talks to acquire a stake in Reliance Jio, and that the talks are still ongoing. However, since <a href="https://www.businessinsider.in/business/news/why-facebook-owner-mark-zuckerberg-wants-stake-in-mukesh-ambani-owned-reliance-jio/articleshow/74803994.cms">Facebook has already joined Jio</a>, it might make sense for Google to pick up a stake in Vodafone Idea, which is the second largest telco in the country by number of subscribers. <div type="Article" hostid="261" msid="74964136" title="A new research report says Vodafone Idea has to increase tariff by 39% to survive – and that will be a bounty for Reliance Jio and Airtel" mstype="2" mssubtype="0"></div> <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[<div class="flourish-embed flourish-chart" data-src="visualisation/2615319" data-url="https://flo.uri.sh/visualisation/2615319/embed"></div>]]></cdata></div> Note: Vodafone Idea's share price on 29-05-2020 is taken at 12:10 pm. A deal with Vodafone Idea could also come at a comparatively discounted price. Even though its share price has increased by 84% since March, it is relatively cheaper when compared to rival telecom operators like Airtel. <table><tbody><tr><td>Company</td><td>Market capitalisation (in crore)</td></tr><tr><td>Reliance Jio</td><td>₹4,89,075</td></tr><tr><td>Airtel</td><td>₹3,07,000</td></tr><tr><td>Vodafone Idea</td><td>₹16,665</td></tr></tbody></table> Note: Reliance Jio's valuation is based on the latest investment made by KKR. Airtel and Vodafone Idea's valuations are based on the closing price as on May 28, 2020. Vodafone Idea and its timeline of woes Since the entry of Jio, Vodafone Idea has <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-and-its-timeline-of-woes/articleshow/74577942.cms">posted cumulative losses</a> of ₹77,000 crore, with ₹50,922 crore coming in September 2019 alone. It was hit by a demand of ₹53,000 crore by the Supreme Court for recovery of adjusted gross revenue dues. In November 2019, the telco’s UK parent Vodafone Plc wrote down the value of its Indian entity to nil. It also lost 36 million subscribers in the same month. According to the <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-jio-becomes-the-largest-telco-by-revenue-and-subscribers-as-industry-shows-signs-of-recovery/articleshow/73667566.cms">latest numbers</a> released by the Telecom Regulatory Authority of India (TRAI), Vodafone Idea has 336 million subscribers, while Jio is <a href="https://www.businessinsider.in/business/corporates/news/microsoft-mukesh-ambani-reliance-jio-are-partners-but-satya-nadella-wants-more/articleshow/76057690.cms">said</a> to have 387 million subscribers. <div type="Article" hostid="261" msid="74577942" title="Vodafone Idea and its timeline of woes" mstype="2" mssubtype="0"></div> The Indian telecom sector is too lucrative for the big tech companies to ignore The Indian telecom sector presents a good investment opportunity for big tech companies to expand their presence in the country. Although Vodafone Idea’s status is <a href="https://www.businessinsider.in/business/telecom/news/bharti-airtels-ceo-wants-vodafone-idea-to-survive-and-stay-on/articleshow/73973990.cms">critical right now</a>, the recent price hikes by all the three major telecom companies gives it a chance to survive in the market. Further, the Jio-Facebook deal has opened up the Indian telecom sector for investments. Since the deal with Zuckerberg’s company, Jio has found buyers in KKR, General Atlantic, Silver Lake and Vista Equity Partners. Airtel, the third-biggest telco, is also <a href="https://economictimes.indiatimes.com/markets/stocks/news/airtel-parent-to-raise-1-billion-via-share-sale-today/articleshow/75989710.cms">looking to raise</a> $1 billion by selling a 2.75% stake to Fidelity, Segantii Capital, Norges Bank and others. Jio changed the face of Indian telecom sector India’s telecom sector has seen major upheaval since the entry of Mukesh Ambani-led Reliance Jio. After Jio’s entry, the Indian telecom sector has seen minor players like Tata Docomo, Aircel, Reliance Communications, Telenor either wind up or sell their business to Airtel. Amidst all this, Vodafone and Idea, which were two separate operators, decided to merge in 2018 to take on Reliance Jio. However, since then, the merged entity Vodafone Idea has been losing millions of customers due to multiple issues, including business uncertainty and a fall in its quality of service. Jio was the major beneficiary of this, going on to become the <a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambanis-reliance-jio-becomes-the-largest-telco-by-revenue-and-subscribers-as-industry-shows-signs-of-recovery/articleshow/73667566.cms">largest telecom operator in India</a> both by revenue and number of subscribers. Update: Vodafone Idea in a statement to NSE has said, "As part of corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the Board of Directors of the Company warranting disclosures, the Company shall comply with the disclosure obligations under the SEBI Regulations. Currently, there is no proposal as reported by the media that is being considered at the Board." SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/airtel-share-price-target-as-africa-unit-nears-a-billion-dollars-in-revenue/articleshow/75970641.cms">Airtel’s Africa unit is now a nearly-billion dollar business where every user pays 40% more than the one in India</a> <a href="https://www.businessinsider.in/business/telecom/news/if-vodafone-idea-increases-tariff-it-will-help-airtel-and-reliance-jio/articleshow/74964136.cms">A new research report says Vodafone Idea has to increase tariff by 39% to survive – and that will be a bounty for Reliance Jio and Airtel</a> <a href="https://www.businessinsider.in/business/telecom/news/india-is-changing-its-mobile-habits-and-that-can-help-airtel-and-vodafone/articleshow/75152973.cms">India is changing its mobile habits and that can help Airtel and Vodafone</a>

Vodafone Idea shares surge more than 30% after Google reportedly considers a stake in the debt-laden telco

Welcome to our new Payments Insights newsletter, a morning email with the top news and analysis on the digital payments industry, produced by <a href="https://intelligence.businessinsider.com/welcome?utm_source=House&amp;utm_medium=Edit&amp;utm_term=PINSIGHTSutm_content=link&amp;utm_campaign=BIIMobile" target="_blank">BI Intelligence</a>. 
<a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">Click here to sign up for Payment Insights today, and receive it every morning in your inbox</a>.

<div class="KonaFilter image-container float_right click-to-enlarge" style="width:400px"><div class="image"><a title_source="Klarna" title_caption="" class="zoomin" href="http://static1.businessinsider.com/image/52b2711ceab8ea6a3a3e69d8-960/klarna-2.jpg"></a>Klarna</div></div>PAYMENTS CONSOLIDATION IN EUROPE TO CREATE A PAYPAL RIVAL THAT SERVES 43K MERCHANTS: Klarna, a Sweden-based online payments company recently valued at $1 billion, announced the acquisition of a German competitor, SOFORT. 
Together the two companies will be the largest independent online payments service in Europe. Combined, the companies serve over 43,000 merchants and 25 million users in 14 European countries. 
Sources close to the deal say that acquisition was in the ballpark of $150 million, according to the New York Times. 
BOTH COMPANIES OFFER PAYPAL-LIKE SERVICES: Klarna allows customers to buy goods online and pay for them later (similar to PayPal's Bill Me Later service). The company primarily operates in Nordic countries. SOFORT's service allows customers to pay for their e-commerce purchases instantly online by deducting the amount from their checking accounts. The company has a firm grasp on the Western European market, particularly in Germany.
THE COMPANIES AIM TO LEAD THE EUROPEAN MARKET: The structure of the deal looks like more of a partnership. The two companies plan to continue to operate as stand-alone businesses, retaining their products and using separate brands.
The point of the deal is to consolidate control in Europe to compete more effectively against European players like Sage and fend off global payments companies that are looking to extend their reach in European markets. A particular example - earlier this year PayPal announced that it would begin to sell PayPal Here, its mobile card reader, in the U.K., PayPal's second largest market with over 18 million customers. 
"We believe this newly established group has ... an enormous potential to emerge as a leading European provider of online payments," said Dr. Michael Riemenschneider, SOFORT's chairman. 
Its also worth noting that both Klarna and SOFORT offer services that allow customers to avoid using credit card payments, which puts them in direct competition with credit card networks like Visa. <a href="https://klarna.com/press-info#/pressrelease/view/klarna-and-sofort-join-forces-to-become-one-of-the-leading-independent-european-online-payments-providers-942522" target="_blank">(Klarna)</a>
In other news... 
India works towards financial inclusion with biometrics: A big problem for payments in India is that the country doesn't have strong public records which can make it difficult for Indians to buy SIM cards and open bank accounts. The Unique Identification Authority of India (UIDAI) is changing that by building a record of citizens in India based on their biometric data. The UIDAI has already issued over half a billion identifiers. This is a huge step towards opening up the payments market in India <a href="http://www.pymnts.com/briefing-room/underbanked/developing-markets/2013/Biometrics-Solve-Financial-Uncertainty-In-India/?utm_source=December+18%2C+2013&amp;utm_campaign=December+18+NL&amp;utm_medium=email" target="_blank">(PYMNTS)</a>
<a href="http://www.pymnts.com/briefing-room/underbanked/developing-markets/2013/Biometrics-Solve-Financial-Uncertainty-In-India/?utm_source=December+18%2C+2013&amp;utm_campaign=December+18+NL&amp;utm_medium=email" target="_blank"></a>Mozido Announced that it would start offering a peer-to-peer proximity payments service for mobile users. The service allows users to transfer funds to people in their immediate proximity using the Low Energy Bluetooth communication standard. <a href="http://mozido.com/mozido-unveils-proximity-payments-service-mobile-phones-uses-low-energy-bluetooth-technology/" target="_blank">(Mozido)</a>
CaixaBank, Spain's third largest bank, announced a partnership with Visa Europe and mobile carriers Telef?nica, Orange, and Vodafone to offer NFC contactless mobile payments throughout Spain. Of the country's 300,000 NFC point-of-sales, CaixaBank currently operates 110,000. <a href="http://www.visaeurope.com/en/newsroom/news/articles/2013/mobile_contactless_in_spain.aspx" target="_blank">(Visa Europe)</a>
A new venture between MasterCard, eServGlobal and BICS aims to expand the market for mobile remittances. The venture, called HomeSend, already has contracts with mobile operators that will allow is to reach 1.2 billion subscribers and 300,000 cash agents. <a href="http://newsroom.mastercard.com/press-releases/mastercard-eservglobal-and-bics-create-remittance-joint-venture/" target="_blank">(MasterCard)</a>
WELCOME TO PAYMENTS INSIGHTS. This is our new newsletter covering all things payments. Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get it every morning in your inbox. Please email <a href="mailto:johnh@businessinsider.com">johnh@businessinsider.com</a> or BI Intelligence director <a href="mailto:mballve@businessinsider.com" target="_blank">mballve@businessinsider.com</a> with news and tips.
The Indian mobile operator Tata Docomo will further expand its mobile remittance services, called mRupee, to 26 cities and over 4,000 retail outlet in India. It's an mPesa competitor. <a href="http://www.informationweek.in/informationweek/press-releases/286788/tata-docomo-expand-flagship-money-remittance-service-mrupee-26-cities-fy14" target="_blank">(Information Week)</a>
DISINTERMEDIATION FEARS: "In Aite's annual survey of IT executives at large financial institutions, two sweet spots for IT spending are the digital wallet (and the fear of being disintermediated by competitors such as Square) and mobile banking, including tablet apps for consumers and small businesses ..." <a href="http://www.americanbanker.com/issues/178_242/top-8-ways-banks-will-spend-their-2014-it-budgets-1064420-1.html" target="_blank">(American Banker)</a>
The FBI holds 144,000 Bitcoins (~$100 million): The government agency acquired this enormous share of Bitcoin after seizing Silkroad, a Bitcoin-based black market. <a href="http://www.wired.com/wiredenterprise/2013/12/fbi_wallet/" target="_blank">(Wired)</a> 
PayPal's new digital gifts store will start offering digital gift cards from global brands with the help of Epay, a division of Euronet Worldwide, Incorporated. The partnership will help PayPal expand its gift card offerings and Euronet Worldwide its reach in the U.K., U.S., and Germany. <a href="http://online.wsj.com/article/PR-CO-20131217-906393.html" target="_blank">(Wall Street Journal)</a>
Mobile Point-of-sale technology provider I Love Velvet has is reported to have acquired weXpay according to Mobile Payments Today. <a href="http://www.mobilepaymentstoday.com/article/224945/US-mPOS-provider-I-Love-Velvet-goes-international" target="_blank">(Mobile Payments Today)</a> 
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You Searched For "tata docomo deal" and got 11 results

Mistry’s war of words with Tatas escalates; says 'mischievous' to suggest he acted on his own on Docomo deal

BI India Bureau

RBI opposes Tata’s decision to pay Docomo over two-year long dispute

BI India Bureau

Reliance Communications likely to merge with Tatas to take on Vodafone-Idea merger, rising power of Reliance Jio

BI India Bureau

Every one of India’s biggest billionaires is dealing with the telecom crisis differently

Preeti

Katya

Tata Teleservices & DoCoMo To Split, Setting Stage For Negotiations Over Valuation

Economic Times

Cyrus Mistry was proven right on at least four of his warnings to the Tata Sons Board even before the latest court ruling

Katya Naidu

Tata Sons slams Cyrus Mistry’s claims, accuses him of twisting facts. Read the full letter here

BI India Bureau

Airtel and Voda-Idea could pay DoT, but what about ₹38,000 crore from defunct telcos?

Katya Naidu

Three wise men who exited Vodafone India just in time to make millions

Preeti Soni

Vodafone Idea shares surge more than 30% after Google reportedly considers a stake in the debt-laden telco

Rounak Jain

Two Online Payments Companies In Europe Link Up To Create A PayPal Rival With 25 Million Users

John Heggestuen

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