Tata Sons today confirmed that RBI rejected its application to buyback stake in Tata Teleservices from Docomo at a price higher than current fair value. Tata Sons say RBI has conveyed that its application was not in conformity with the extant FEMA regulations, and that the stake should be bought at current fair value. Tata Sons will now resolve the issue via arbitration with Docomo. It has already initiated steps for arbitration.
SOURCE:- MONEYCONTROL
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