Tata Power Kleros dispute: Singapore court allows seizure of shares in two subsidiaries
Enforcement orders let a Sheriff attach and sell Tata Power's shares in two Singapore subsidiaries, while the company's appeal is pending and no sale has been reported.
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A Singapore court has granted enforcement orders in the Tata Power Kleros dispute that allow a court Sheriff to attach and sell Tata Power’s shares in two Singapore subsidiaries, according to a statement from Kleros Capital Partners dated 6 November. Tata Power said in a stock exchange filing that notices of attachment were served on 6 November on Tata Power International Pte Ltd and Bhira Investments Pte Ltd, InvestyWise reported. No sale has been reported.
What the Tata Power Kleros enforcement orders say
Kleros said the Singapore International Commercial Court granted orders numbered SIC/EO 4/2026 that authorise the Sheriff to seize and sell the shares. They follow the court’s dismissal on 26 August 2026 of all of Tata Power’s applications to set aside the arbitration awards, according to Kleros’s release, which PTI distributed as a press release without editorial responsibility.
A separate order dated 26 October 2026 directed Tata Power’s officers to disclose details of its assets within 14 days. It was granted on an application made without Tata Power being heard, InvestyWise reported.
Key numbers
- US$490.32 million: the damages awarded to Kleros on 1 July 2025.
- 5.33%: the simple annual interest on that award from 30 November 2020.
- More than US$650 million: the total Kleros says is owed with interest and costs. This is Kleros’s figure.
- About US$71,600: the daily interest Kleros says is accruing.
- 23 November 2026: the date Tata Power must file detailed submissions in its appeal, with a hearing listed for 19 January 2027.
What Tata Power said
Tata Power said it is taking legal advice and will act as the law requires, as InvestyWise summarised the filing. The company said the shares in the two subsidiaries are already pledged to a consortium of lenders. It filed a notice of appeal at the Singapore Court of Appeal on 7 September 2026 against the August judgment.
The background to the award
Kleros began arbitration at the Singapore International Arbitration Centre in November 2020. A three-member tribunal found Tata Power liable on 26 September 2023 for breaching the agreements and its duties of good faith and confidence, and awarded damages in July 2025, according to Kleros’s release. Reports say the dispute concerns a coal deposit in Kamchatka, Russia, that was never developed.
What happens next
The appeal and the enforcement are running at the same time. The420.in reported, citing Kleros’s statement, that an appeal does not automatically pause enforcement and that Tata Power had not sought a stay as of 6 November. Because the shares are pledged to lenders, it is not yet clear how any sale would proceed. Tata Power’s filing gave no estimate of financial impact.
For related reading, see our profile of fellow Tata group company Tata Motors, our report on the Bhakra Beas power dispute and our India coverage.
The case puts a US$490.32 million award, with interest, in front of a listed Indian company. Much of the detail comes from Kleros, the claimant, so the appeal outcome and any stay will decide what happens to the shares.
Named in this story
Sources
- Singapore Court grants enforcement orders authorising the seizure and sale of Tata Power's shares (Kleros release via PTI, The Wire)
- Tata Power files appeal at Singapore Court of Appeal over arbitration award (InvestyWise)
- Singapore Court Orders Sale of Tata Power Subsidiaries for 6,113 Crore Award (The420.in)