In a major victory for Tatas, an arbitral tribunal has awarded Tata Motors a compensation of over Rs 766 crore for the losses incurred because of protests by Trinamool Congress that stalled its small car project at Singur in West Bengal. The tribunal asked the West Bengal government to pay Tata Motors the compensation, along with interest, according to a stock exchange filing by the Mumbai-based auto major on Monday. The company stated that the arbitral tribunal has asked the West Bengal Industrial Development Corp (WBIDC) to pay the company Rs 766 crore compensation, in connection with losses incurred on its manufacturing site in Singur.
Sen said that as per the lease agreement, concluded recently with the company, it would have to pay a lease rent of Rs 1 crore per year for the first five years to the state.
People affected by the Navi Mumbai international airport insist they be allotted developed land as compensation, not cash as the land acquisition Bill, recently cleared by Parliament
Asia's falling stocks have triggered an exodus of funds from the region.
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