Page 3 - Vantrix Corp News Today

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.

Indian government-owned satellite company Antrix Corp. Ltd. told the Ninth Circuit that shareholders of a rival satellite company should not have been allowed to use U.S. courts instead of Indian courts to enforce a nearly $1.3 billion arbitration award.

Air India sought dismissal of Devas' foreign investors’ demand saying it is no longer a state-owned firm after its takeover by the Tata group.

Air India has won a nod of an appeals court in Quebec to challenge a Canadian court order that allowed foreign investors in Bengaluru-headquartered Devas Multimedia to seize its funds to recover compensation for a failed 2005 satellite deal with Antrix Corporation, a commercial arm of ISRO.

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.

The Indian government will use the Supreme Court order upholding liquidation of Devas Multimedia Pvt. to fight the enforcement of arbitration awards being sought by the company in courts across the world.

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.

The Supreme Court of India today upheld the winding up order against Devas Multimedia Pvt., a company with a $1.3-billion award against Antrix Corp., the commercial arm of ISRO and a company wholly-owned by the Indian government.

Devas Multimedia secures court orders to seize AAI, Air India assets in Canada: report

A law court in Montreal district of Canada has allowed three Mauritius-based investors of Devas Multimedia Pvt Ltd,