A Singapore court-appointed sheriff served attachment notices on Tata Power’s shares in two subsidiaries on Nov. 6, as award recipient Kleros Capital Partners Limited pursues collection of an arbitration judgment.
Tata Power said in a Nov. 7 stock exchange filing that the notices concern its holdings in wholly owned Tata Power International Pte. Limited and Bhira Investments Pte. Limited. The company said both stakes are pledged to the respective subsidiaries’ lender consortia. Its filing says the Singapore International Commercial Court (SICC) entered judgment enforcing the award on Sept. 17, 2026. A separate order dated Oct. 26 directed company officers to provide asset information within 14 days, the filing said.
Kleros said enforcement orders permit the sheriff to sell Tata Power’s stakes in the two companies to satisfy the judgment debt. The company said the total debt under the award, including interest and costs, exceeded US$650 million as of Nov. 6.
The SICC judgment records US$490,320,000 in damages, with simple interest of 5.33% a year from Nov. 30, 2020, until payment. It also records S$8,289,020.64 in legal costs and expenses, with interest from the date of the quantum award.
The dispute concerns alleged breaches of two nondisclosure agreements tied to a proposed coal-mining project at the Krutogorovo deposit in Russia’s Kamchatka region. The judgment says an arbitral tribunal found Tata Power liable for the breaches and awarded damages for Kleros’ lost investment opportunity.
On Nov. 11, Tata Power Managing Director and CEO Praveer Sinha said on an earnings call that the company expected enforcement to take three to six months. “We strongly believe that we have a good case, both on merit as well as on law,” Sinha said.
Tata Power filed an appeal on Sept. 7 against the SICC’s Aug. 26 judgment rejecting its challenges to the award. The company’s detailed submissions are due Nov. 23, and the Court of Appeal hearing is scheduled for Jan. 19, 2027.
