Tata asks Raj Tours to pay compensation.
Auto Business News - 29 October 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk
Tata Motors Limited (Tata) (NYSE: TTM), an India-based automaker, has asked Raj Tours, a tour operator, to pay INR360m for defaulting on the payments for the buses it had hired.
The tour operator hired 15 buses from Tata through methods of hire purchase and hypothecation over a period of four years.
The companies have been negotiating after Raj Tours failed to make the payments as set out in the contracts.
[Editorial queries for this story should be sent to email@example.com]
((Distributed via M2 Communications - http://www.m2.com))