Page 6 - Devas Multimedia News Today

Devas shareholders to continue seizing Indian assets abroad

Unfazed by Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of overseas Indian assets

‘A better approach for the Modi govt would be to return to the negotiating table, and continue with settlement talks’

With the Supreme Court upholding the winding up of Devas Multimedia, the Union Government has decided to use this judgment to fight the arbitration battle against the beleaguered private company and r

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.

Despite a winding-up order by the Supreme Court, shareholders of Devas Multimedia Pvt Ltd say they will continue the pursuit of Indian assets across the globe and will not be deterred by the Indian government’s attempts to obstruct justice.

New Delhi, January 17 The Supreme Court on Monday upheld the National Company Law Appellate Tribunal (NCLAT) order winding up Devas Multimedia Private Ltd at the instance of Antrix — the commer

The company has been locked in a decade-long legal battle against Antrix which filed a petition seeking to wind it up in January last year

Nirmala Sitharaman in a press conference said that deal between ISRO`s commercial arm Antrix and Devas Multimedia was signed in 2005 is a "fraud against the country."

Finance Minister Nirmala Sitharaman today said the Supreme Court's order on the 2005 Antrix-Devas deal was "proof of the Congress's misuse of power".