Singur land case: Tata Motors wins, entitled to recover ₹ 766 crore from West Bengal

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₹766 crore from WBIDC. In addition to the claimed amount, the arbitral tribunal asked WBIDC to pay the interest on the claimed amount at an 11% rate from September 2016 till the actual recovery time. The company shares closed 1.71% lower at ₹460 per share on BSE on Monday.

"The aforesaid pending arbitral proceedings before a three-member Arbitral Tribunal has now been finally disposed of by a unanimous award in favor of Tata Motors Limited (TML) whereby the claimant (TML) has been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.765.78 crores with interest thereon @ 11% p.a. from September 1, 2016, till actual recovery thereof. The Claimant (TML) has also been held to be entitled to recover from the respondent (WBIDC) a sum of Rs.1 crore towards the cost of the proceedings," said the company in its stock filing on Monday.

The case was being heard by a three-member Arbitral Tribunal which gave the decision in favour of Tata Motors on October 30, which makes Tata Motors entitled to recover a sum of ₹765.78 crore with an additional sum. In addition to this, it is also entitled to recover ₹1 crore from WBIDC towards the cost of the proceedings. Earlier, the automaker had received about 1,000 acres of farmland from the West Bengal Government to build a manufacturing plant.

Later, the company received stiff protests from political leaders and farmers in the area, forcing Tata Motors to change its plans and shift to another site. However, the company had already made investments at the site. Later, it shifted its manufacturing unit to Sanand in Gujarat."Exciting news! Mint is now on WhatsApp Channels