The Tatas have sought arbitration on the issue of compensation to be paid by the government to Videsh Snachar Nigam Limited (VSNL) for premature termination of its monopoly in providing international long-distance services.
In a letter written to Communications Minister Arun Shourie on September 5, Tata Group Chairman Ratan Tata suggested setting up of three-member panel of arbitrators, which would include one member each nominated by the government and VSNL. These two members would decide on the third member, who would be the chairman, Tata said, adding that both parties would have to agree that the decision of the tribunal would be binding. In his letter, Tata has pointed out that the only way to resolve the issue is through negotiations, failing which VSNL will have to take legal recourse.
Shourie has forwarded Tata's proposal to the finance ministry since the "outcome of the arbitration may have fiscal consequences".
Page(s) 1
Print
Comment
Email
Digg
Del.icio.us
Reddit
