Antrix Devas Case

The Delhi High Court has set aside an arbitration award that asked Antrix to pay $562 mn to Devas

The Delhi High Court Monday set aside an arbitral award directing ISRO's Antrix Corporation to pay damages of USD 562.2 million with interest to Devas for unlawfully terminating a deal in 2011, saying the award suffered from "patent illegalities and fraud", and was in conflict with the public policy of India. Justice Sanjeev Sachdeva allowed the petition filed by Antrix under the Arbitration and Conciliation Act seeking setting aside of the arbitral award passed on September 14, 2005 by the Arbitral Tribunal constituted by the International Chamber of Commerce which had allowed the claim of Devas Multimedia Private Limited. The high court referred to a January 17, 2022 judgement of the Supreme Court which held that the very seeds of the commercial relationship between Antrix and Devas were a product of fraud perpetrated by Devas and thus every part of the plant that grew out of those seeds, such as the agreement, the disputes, arbitral awards etc., are all infected with the poison o

Justice Sanjeev Sachdeva on Monday said the arbitral award of September 14, 2015 was plagued with patent illegalities and fraud and was also in conflict with the public policy of India

Devas Multimedia has seized USD 87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday. Devas Multimedia America Inc had sought seizure of USD 145,000 but the actual recovery was USD 87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said. Originally, the company stated that it had seized USD 145,000 cash but later clarified that the actual seizure was lower than that amount. "The original claim amount was around USD 145,000 but was reduced as part of the bankruptcy proceedings (normal bankruptcy proceedings)," it said. The satellite company has been embroiled in a fight with the Indian government since a contract it had to develop wireless broadband in the country was cancelled in 2011. It was awarded USD 1.2 billion in international

Officials discussed the Companies Act and its implementation under the mutual legal assistance treaty (MLAT)

As cumulative experience should teach us, fuzzy approaches have costs, so the homework has to be done before signing of contracts, not after, writes T N Ninan

Both UPA and NDA have a lot of explaining to do

Supreme Court verdict to be highlighted in international courts, says FM

FM says the govt is now fighting in every court to save taxpayers' money that would otherwise go towards paying for arbitration awards that Devas has won against the cancellation of the 2005 deal

In a statement, a spokesperson of the AAI said: "AAI has not been served any order by the Quebec Court, Canada in this matter

The Indian state's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, writes T N Ninan

Indian authorities and Devas are engaged in multiple court cases globally after a dispute that goes back to 2011.

The US District Court, Western District of Washington, ordered Antrix to compensate Devas to the extent of $562.5 million coupled with the interest -- the total damages coming to about $1.2 billion

From Apple selling record iPhones in Sept quarter in India to govt making first set of draft rules under labour code public, Business Standard brings you top news of the evening

Isro's commercial arm, Antrix Corporation, had cancelled a satellite deal with Bengaluru-based Devas Multimedia in 2005

In his order dated September 17, Judge Thomas S Zilly from the US District Court, Western District of Washington lifted the stay on the proceedings of the lawsuit filed by Devas against Antrix

A charge sheet was filed against the accused last year, alleging they had caused a loss of Rs 578 crore to the exchequer by abusing their official position to favour a private company

A special court passed the directions after taking cognisance of the CBI charge sheet filed in the matter