Tata Motors Awarded Rs 765.78 Crore in Compensation by Arbitral Tribunal

Tata Motors Awarded Rs 765.78 Crore in Compensation by Arbitral Tribunal

VoM News Desk | October 30, 2023 | 09:54 PM IST | Breaking News, Courts & Law | Follow on Google News

Tata Motors Awarded Rs 765.78 Crore in Compensation by Arbitral Tribunal

Tata Motors Awarded Rs 765.78 Crore in Compensation by Arbitral Tribunal

Tata Motors is set to receive a significant sum of Rs 765.78 crore with 11 percent interest from September 2016 as compensation from the West Bengal government for the closure of its Nano factory in Singur. The decision in favor of Tata Motors was reached by a unanimous decision from a three-member Arbitral Tribunal.

The dispute arose when Tata Motors had to abandon its Nano factory in Singur in 2008 due to protests, subsequently shifting it to Gujarat. In 2016, the Supreme Court ruled that the Left Front government’s land acquisition in Singur was “grossly perverse and illegal.” Tata Motors then sought arbitration, leading to this decision.

The compensation amount, which also includes Rs 1 crore toward the cost of proceedings, is expected to be paid by the West Bengal Industrial Development Corporation (WBIDC).

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