Devas Case News Today

The Delhi high court on Monday set aside an arbitral award of over $562.2mn in favour of Devas Multimedia, over the sudden termination of its agreement with the Isro’s commercial arm Antrix, offering relief to the government.

New Delhi [India], April 25 (ANI/NewsVoir): Aseem Chawla, a renowned practising tax and business lawyer, has launched his new book, Supreme Court on Company Law (Compendium of Cases) (1950-2021), published jointly by Bloomsbury and Corporate Law Adviser.

New Delhi [India], April 20 (ANI/NewsVoir): Aseem Chawla, a renowned practicing tax & business lawyer, has launched his new book, Supreme Court on Company Law (Compendium of Cases) (1950-2021), published jointly by Bloomsbury and Corporate Law Adviser.

In sum, there are two key conclusions that one can draw from the Devas saga. First, the UPA government made a horrendous mistake of cancelling the contract without offering the correct reason. Second, the mistake of the NDA government was its botched-up litigation strategy. In both instances, it is India’s abysmal state capacity and capricious regulatory behaviour that stands exposed to the international community at large, writes Prabhash Ranjan.

If a company can be wound up on fraud charges that are established on most specious grounds, as we saw the Tribunal do, without these being tried and established in a criminal court, and the highest court of the land upholds such a proposition and treats international arbitral awards as inconsequential, the damage that is done to India’s reputation as a safe place in which to do business would take a serious knock

The minister also denounced the UPA government for its failure to appoint an arbitrator to represent India’s point of view, leading to the current mess.

There was some relief for the Airports Authority of India (AAI) on its appeal against the seizure of its assets as the court stayed the seizure of AAI assets.