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The dispute between the Tata Group and Japan's NTT DoCoMoover the latter's exit from Tata Teleservices has taken yetanother curious turn. What looked like just another corporatewrangling over terms of agreement has assumed largersignificance. The government has now asked the EnforcementDirectorate (ED), the agency that investigates moneylaundering and violation of Foreign Exchange Management Act(FEMA) cases, to look into the 2009 stake sale deal betweenthe two companies.

Home Business Today FEATURES December 4, 2016 Story

By Dipak Mondal Delhi Print Edition: December 4, 2016

On Shaky GroundSome international arbitration cases that have gone against India highlight the uncertainty in thecountry's policy and regulatory framework.

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Electric vehicles, greenautomobiles to beexempted from permitrequirements, saysNitin Gadkari

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The ED is investigating possibleviolation of FEMA rules when theIndian company sold a 26 per centstake in its telecom unit to theJapanese company. This came afterthe London Court of Arbitrationordered Tata Sons to pay $1.17billion to NTT DoCoMo for failing tobuy back the latter's stake as per theshareholders agreement betweenthe two.

According to the agreement, Tataswere to find a buyer for DoCoMo'sstake in the company at 50 per centof the acquired price or a fairmarket value, whichever is higher.The Tata Group failed to find abuyer for the Japanese company'sstake. It subsequently sought theReserve Bank of India's (RBI)permission to buy back at 50 percent of the initial investment madeby NTT DoCoMo, though the fairvalue of the shares were much

lower. The RBI initially rejected the request citing FEMA rulesbut later agreed to allow the transaction. However, the Indiangovernment blocked the transaction. This forced the Japanesecompany to take the arbitration route and it won an award atthe London Court of Arbitration.

However, the government doesn't seem to be in a mood tobudge and allow Tata Sons to make the payment. Moreover, ithas ordered ED investigation into the deal itself. Now, theTatas have appealed against the London Court order.

The Tata Group is not the only Indian entity that recently gotan unfavourable award. In another case, the Permanent Courtof Arbitration (PCA) ruled against Antrix Corporation, thecommercial arm of the Indian Space Research Organisation(ISRO), and asked it to pay $1 billion to Devas Multimedia forunilaterally terminating a contract that allowed the latter rightsto use S-band spectrum. This ruling came after theInternational Chamber of Commerce's (ICC) arbitration courthad ordered Antrix to pay $657 million in 2015 for the samereason. In May 2016, the Singapore International ArbitrationCentre (SIAC) passed an award against the former promotersof Ranbaxy Laboratories Ltd, Malvinder Mohan Singh andShivinder Mohan Singh, asking them to pay compensation ofaround Rs 2,500 crore for concealing facts from Japan's

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Daiichi Sankyo when they sold their 35 per cent stake inRanbaxy to the latter in 2008.

Why are domestic companies/entities constantly being draggedto international arbitration courts, where they are often gettingunfavourable awards? Are they not carefully draftingcommercial contracts or arbitration agreements? Can thesesituations (as in the case of Tata-DoCoMo) be avoided ifdomestic parties were more mindful of the 'public policy' of thecountry while drafting commercial contracts? Or are thesesymptoms of a bigger malaise? While on the face of it, some ofthe cases may look like an oversight on the parts of partieswhen it comes to commercial contracts or arbitrationagreements, experts believe there's more to it than meets theeye.

The recent disputes, legal experts say, can be divided into threebroad categories - disputes arising due to the government'spolicy flip-flop, mismatch in investor expectation, and (Indian)companies simply going rogue by not honouring contractobligations.

Government Flip-flops

Consider the example of the Antrix-Devas dispute. Accordingto the agreement signed in January 2005 between ISRO'scommercial arm Antrix and Devas Multimedia, the formerwould build and launch two satellites and lease the S-bandspectrum to the latter. Devas was supposed to use thisspectrum for providing Internet services (the S-band spectrumis the same frequency spectrum that is nowadays used bytelecom companies for providing 4G services).

The Department of Space (DoS),which runs ISRO, had soughtpermission from the government bymaking a strong case for enteringinto the deal with Devas. Whileeverything was going well with trialsbeing conducted and infrastructurebeing created, a leaked CAG report -pointing out irregularities in thedeal resulting in huge losses to thegovernment exchequer - set the catamong the pigeons.

The United Progressive Alliance(UPA) government abruptly decidedto terminate the Antrix-Devas dealin 2011. Following the terminationof the contract, Devas moved theInternational Court of Arbitration of

the International Chamber of Commerce (ICC), seeking either



















































































































































"Many of the big-ticketarbitration awards goingagainst Indian entities is onaccount of the (previous)UPA government goingback on its promises oroverreaching the terms ofthe contract"

honouring of the agreement by Antrix, or a compensation of$1.6 billion plus interest at a rate to be decided by the tribunal.

Devas got a favourable judgementfrom the arbitration court, whichordered Antrix to pay $657 millionin 2015. Later, the investors of DevasMultimedia - Telecom Ventures,Columbia Capital and DeutscheTelecom - filed another arbitrationpetition this time in PCA. Since Telecom Ventures is aMauritius entity, it also invoked the Indo-Mauritius bilateralinvestment treaty (BIT) and managed to win a favourableaward of $1 billion. Even as some experts contest CAG's claimof a scam in the deal, they blame the government's flip-floprecently for the unfavourable awards against Antrix.

"Many of the big-ticket arbitration awards going against Indianentities is on account of the UPA government going back on itspromises (as in the Devas case) or overreaching the terms ofthe contract in case of Cairn Energy, because of internalpressures. They couldn't take the media pressure and there wasa sense of insecurity that even if you take a right decisionsomebody may criticise," says Sitesh Mukherjee, Partner,Dispute Resolution, Trilegal, a New Delhi-based law firm.

Indeed, Cairn Energy is a case in point. The British oil and gasexploration giant has accused the Indian government ofbreaching the UK-India BIT norms by retrospectively changingrules to tax the company's internal restructuring of the Indiaunit. It has approached the international arbitration court,seeking $5.6 billion compensation from the Indiangovernment.

Cairn Energy has argued that when the company conducted therestructuring, there was no capital gains on such activities. Ithas harped on the BIT clause that puts the onus on the Indiangovernment to give its investments in the country 'fair andequitable treatment'.

SITESH MUKHERJEE, Partner, Dispute Resolution, Trilegal (Photo: VIVANMEHRA)



















































































































































"The broader issue here(Tata DoCoMo case) iswhether you allow a foreigninvestor, which has comethrough the foreign directinvestment route, to take aguaranteed return"

The Indian government has already got an unfavourable awardin an international arbitral court in the White Industries case in2011. An Australian entity, White Industries had successfullyargued that it did not have any "effective" channels to protectits investment in violation of the provisions in the India-Australia BIT. After the verdict in the case, which was followedby a flurry of such disputes related to breach of BIT clauses,experts have been saying that India needs to review itsinvestment treaties. They believe that the BITs are tilted infavour of foreign investors, negating the sovereign powers ofthe country.

Mismatch of Expectation-Performance

Some of the corporate disputes arise because of inflatedexpectations from a partnership at the time of entering thecontract. In the Tata-DoCoMo case, experts believe both thepartners must have projected much better revenue from thetelecom venture and, therefore, did not possibly deliberate onregulatory issues before putting the (now) contentious clause inthe contract. Naresh Thacker, Partner at Economic LawsPractice, a Mumbai-based legal firm, says it is a clear case ofTatas overpitching themselves. However, he believes it is morea regulatory issue than an issue of flawed drafting ofcommercial contract.

"FIPB policy was not one of theclearest documents. There wereambiguities with regards to rules on(call and put) options on suchinvestments," says Thacker.However, he believes both theparties could have approached the regulator on this particularaspect and understood its position on the issue before enteringinto any sort of contract.

Pallavi Shroff, Managing Partner at law firm ShardulAmarchand Mangaldas & Co, while refusing to commentspecifically on the Tata-DoCoMo matter, explains why thegovernment may be against the Tatas paying NTT DoCoMo the

PALLAVI SHROFF, Managing Partner, Shardul Amarchand Mangaldas(Photo: SHEKHAR GHOSH)



















































































































































arbitral award amount. "The broader issue here is whether youallow a foreign investor, who has come through the foreigndirect investment route, to take a guaranteed return. These areequity investments and the investor should be ready to take themarket risk inherent in equity investment, or else it should usethe external commercial borrowing (ECB) route," she says.

But how long can the government prevent Tatas from payingDoCoMo? Can the government stop DoCoMo from enforcingthe arbitration award in India? India is a signatory of the NewYork Convention, which sets the rules for recognition andenforcement of foreign arbitral awards. The convention rulesallow a country to block enforcement of an internationalarbitral award if the order is contrary to the 'public policy' ofthe country.

However, Mukherjee of Trilegal says that Tatas can overcomethe (regulatory) impediment by paying a penalty. "I don't thinkthe government has a say in the issue because it is no more acase of Tatas wanting to honour the contract. Tatas have anaward against them and, therefore, it is just a matter of payingthe money as ordered by court," says Mukherjee.

When asked if the company could have been more mindful ofthe FEMA or FDI rules before drafting a shareholder'sagreement, a Tata Sons executive on the condition ofanonymity said: "In hindsight you can say we could have beenmore careful, but at the moment we are not thinking of whatwe could have done but what we should do now to get out ofthe situation."

A mail to Tata Sons did not elicit any response.

Breach of Trust

The third category of disputes is mainly due to one of thepartner's clear violation of contract terms or breach of trust (asperceived by the other partner). In these cases, the governmentor regulator has little or no role to play in the dispute, neither isthere an issue of unrealistic business projection going horriblywrong.

For example, Daiichi had argued before the internationalarbitration court that Ranbaxy promoters - Malvinder andShivinder Singh - had at the time of selling their stakesconcealed the fact that the US food and drug regulator wasinvestigating the company for falsifying data related tomanufacturing and distribution of drugs. The Japanesecompany in 2013 was slapped a penalty of $500 million by theUS drug regulator after it found Ranbaxy misrepresenting andconcealing data. While it paid the penalty, Daiichi moved theSingapore International Arbitration Centre seekingcompensation from the Ranbaxy promoters.




















































































































































The ongoing dispute between McDonald's and Vikram Bakshi,the former managing director of the joint venture entityConnaught Plaza Restaurants Pvt Ltd (CPRPL), has shades ofboth breach of terms of contract - with each side accusing theopposite party of breaching the terms of contract - andmismatch of expectation with real financial performance.Vikram Bakshi, a 50 per cent partner in CPRPL (McDonald'sbeing the other partner), alleges that the US companyterminated the JV (thus relieving him of MD's post as per thecontract) without even giving him a notice. McDonald's says itacted once it found Bakshi leasing out his property to a rivalcompany, and indulging in financial discrepancies andbungling. Bakshi has refuted the charges.

Once the JV is over, thecontract agreementallows McDonald's toexercise the call optionand buy back 50 percent shares of Bakshion a valuation based ona predeterminedformula. However, theargument fromBakshi's side is that theformula was based on aprojection of 25 years.Terminating thecontract before thatwould force Bakshi toexit at a very lowervaluation. While he hadmoved the CompanyLaw Board against histermination,McDonald's had movedthe London Court ofInternationalArbitration. Bakshisubsequently movedthe Delhi High Courtseeking a stay on

international arbitration sought by McDonald's in December2014. Initially, the HC put a stay on arbitration but in a recentorder the same court has stated that McDonald's was within itsrights to go for arbitration in London.

Beyond the Contracts

There is certainly a case for clearly spelling out terms incommercial contracts or shareholder agreements. There is also



















































































































































a need to draft the contracts within the regulatory and policyframework to avoid commercial disputes.

There are many grey areas in commercial contracts thatfrequently lead to disputes. Amit Vyas, Founding Partner atVertices Partners, a Mumbai-based law firm, says often theinability to provide timely exit to investors (exit clause) bycompany/promoters, inability on the part of promoters toexecute as per business plan and non-disclosure of materialfacts by promoters to investor lead to disputes. Parties must beuncompromising about these terms if they want to avoiddisputes in futures or unfavourable arbitration awards. Oftencompanies avoid putting tough clauses in order not to displeasea prospective investor or partner. This can prove costly infuture.

A lot of disputes can be amicably settled if the parties also paymore attention while drafting arbitration clauses. DeveshJuvekar, Partner at Rajani Associates, a Mumbai-based fullservice law firm, says that least attention is paid to (drafting of)arbitration clauses. "Most of the time it's a copy-paste job," hesays. While honouring terms of commercial contracts andarbitration agreements are crucial, consistency in governmentpolicies and certainty of regulatory framework also helps incontrolling unnecessary commercial and corporate disputes.Besides, the government needs to reduce delays in arbitrationsand create a more conducive environment for timelyenforcement of international arbitral awards if it wants toproject India as a business-friendly country.

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