Devas

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

Air India has sought dismissal of the demand by Devas' foreign investors saying it is no longer a state-owned firm after its takeover by the Tata group on January 27, 2022

Devas demands $1.2 billion from the Indian government after winning three international arbitration awards over a scrapped telecommunications deal with a state-run firm.

Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect USD 1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders. "A better approach for the Modi government would be to return to the negotiating table, and continue with settlement talks." Devas shareholders are pursuing Indian assets abroad to recover the awards and have got a French court order for freezing Indian properties in Paris and got partial rights over funds maintained by India ...

"It is a fraud of Congress, by Congress (and) for Congress," the minister said

The Supreme Court on Monday upheld NCLAT, which in September last year dismissed a petition filed by Devas Multimedia against the order of the NCLT to wind up the company.

NCLAT on Wednesday dismissed a petition filed by Devas Multimedia challenging an order of the NCLT to wind up the company

Here are the best of Business Standard's opinion pieces for Saturday

The only urgency is coming from the Indian government, which has taken outrageous actions to evade payment of the award, and expropriate Devas, says McGill

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

Says three directors admitted to crime against Antrix

On Thursday, CBI filed charges against former Isro chief G Madhavan Nair and several Isro and Devas officials citing Rs 578 crore loss to exchequer

Notice due to alleged violation of forex management rules of 1999