Japan-based NTT DOCOMO has stated that it is possible for Tata Sons to fulfill its obligations based on the shareholders agreement for the former’s 26 per cent stake in Tata Teleservices Limited (TTSL). As per the original agreement between the two entities in 2008-09, Tata was required to buy back shares from NTT DOCOMO at current market price or 50 per cent of the acquisition price, whichever is higher, if the former fails to achieve key milestones or find a buyer for DOCOMO’s stake in the company.

Tata Sons had expressed its willingness to buy back shares at a premium price, since the fair value of NTT’s stake in DOCOMO was lower than 50 per cent of the investment made by the latter to buy stake in TTSL. Tata Sons had thereafter written to the RBI seeking special dispensation. The RBI had however, rejected Tata Sons' proposal to buy back shares currently owned by NTT DOCOMO at a price of Rs 58.045 per share. The RBI had stated that the proposed share price of Rs 58 per share is above their fair market value. The central bank was of the view that the proposal was not in conformity with the Foreign Exchange Management Act (FEMA).

Earlier, in January 2015, NTT DOCOMO filed an arbitration case in London against the Tata Sons on grounds that the latter had failed to honour its commitment to arrange a buyer for its 26.5 per cent stake in TTSL, or buying it back itself.