The case referred to a payment claim by Tata Motors from West Bengal Industrial Development Corporation under numerous heads, on account of the loss of capital expense, with regard to the Singur vehicle production center.
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Tata Motors today revealed that it has actually won the Singur auto production center case versus West Bengal Industrial Development Corporation and will recuperate an amount of Rs 766 crore with interest.
The case related to a payment claim by Tata Motors Ltd (TML) from West Bengal Industrial Development Corporation Ltd (WBIDC) under numerous heads, on account of the loss of capital expense, with regard to the Singur center.
… this is to notify that the aforesaid pending arbitral procedures before a three-member arbitral tribunal has actually now been lastly gotten rid of by a consentaneous award dated October 30, 2023, in favour of TML where the plaintiff (TML) has actually been held to be entitled to recuperate from the participant (WBIDC) an amount of Rs 765.78 crore with interest thereon at 11% per year from September 1, 2016, till real healing thereof,” a BSE filing stated.
“The complaintant (TML) has actually likewise been held to be entitled to recuperate from the participant (WBIDC) an amount of Rs 1 crore towards expense of the procedures. With the making of the last arbitral award as discussed above, the arbitral procedures have actually pertained to an end,” it included.
In 2006, the erstwhile Left Front federal government obtained almost 1,000 acres of land in Singur, Hooghly, and handed it over to Tata Motors to develop a production center for the Tata Nano.
The land acquisition was opposed by the then opposition leader and Trinamool Congress chief Mamata Banerjee, the existing Chief Minister of West Bengal.
Tata Motors ultimately needed to shelve the Singur task. The business relocated to Gujarat and established a plant in Sanand for making the Tata Nano.
Kole Prosacco
Jakob Auer
