# Tata Power Reassures Investors Over Singapore Subsidiary Share Seizure Order Company claims pledged shares are safe from immediate seizure amid ongoing legal dispute. - **Source:** [mint - companies](https://www.livemint.com/rss/companies) - **Published:** 2026-11-11 - **Topic:** [Finance](https://brifing.si/c/finance) - **Original article:** - **On Brifing:** https://brifing.si/s/e10ff3b9-b6cd-4c7c-ad54-98c17c1339b1 ## Immediate Seizure Risk Denied Tata Power management stated that shares of its two Singapore-based subsidiaries are currently pledged with banks. This financial arrangement makes immediate seizure by authorities unlikely. The company aims to reassure investors following a Singapore High Court order that directed the attachment of these assets to satisfy a significant arbitration award. ## Legal Timeline and Appeal The company is actively challenging the enforcement order in Singapore’s Court of Appeal, with a hearing scheduled for 19 January. Managing Director Praveer Sinha noted that the share sale process involves appointing valuers and coordinating with banks, a procedure expected to take between three to six months to complete. ## Conflict of Interest Allegations Tata Power’s legal strategy centers on an alleged conflict of interest involving two arbitrators. The company claims these individuals failed to disclose prior professional contacts with Kleros Capital, including shared travel arrangements to Russia. These allegations were previously rejected by the Singapore International Commercial Court, but remain central to the appeal. ## Financial Stakes and Interest The dispute stems from a lost arbitration regarding a failed coal mining project in Russia. The tribunal ordered Tata Power to pay $490 million plus costs, totaling over $650 million. Kleros Capital maintains that the unpaid award continues to accrue approximately $71,600 in interest daily despite the ongoing legal appeals. ## Corporate Espionage Complaint Beyond the arbitration, Tata Power filed a police complaint in Mumbai on 2 November alleging corporate espionage. The company accuses Kleros Capital and associated individuals of illicit activities. Kleros has denied these claims, labeling them as part of a coordinated disinformation campaign and stating they have not received formal notice. ## Strong Quarterly Financial Performance Despite the legal pressures, Tata Power reported a consolidated profit of ₹1,652 crore for the July-September quarter. This represents a one-third increase compared to the same period last year. Revenue grew by 25% to ₹19,886 crore, driven primarily by high power demand and elevated prices in the spot electricity market. ## Leadership Transition Plan The company announced a major leadership change alongside its financial results. Sanjay Banga, currently the president for renewable energy, has been appointed as the chief executive officer-designate. He is scheduled to take over from incumbent Praveer Sinha on 1 May 2027, serving a five-year term to lead the firm's strategic direction. ## Future Outlook and Liability Tata Power remains confident in its legal position and has not made provisions for the $650 million liability. The company continues to monitor the enforcement proceedings closely while focusing on operational growth. Investors are watching the January appeal hearing, which will determine the long-term financial impact of this complex international dispute. ## Sources covering this story - https://www.livemint.com/companies/news/tata-power-singapore-high-court-renewable-energy-power-kleros-11794404371600.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._