The National Company Law Tribunal (NCLT) has ordered the liquidation of Devas Multimedia.The Bengaluru bench of the tribunal recently allowed the winding-up by allowing a petition filed by the Indian Space Research Organisation s commercial arm .
The 43rd meeting of the top decision-making body is likely to discuss a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states.
The Bengaluru bench of the National Company Law Tribunal has ordered the liquidation of Devas Multimedia Pvt. on grounds that the company was incorporated in a fraudulent manner to siphon funds to dubious foreign accounts.
Investment Arbitration and India: 2020 Year in Review Thursday, February 25, 2021
For the Indian foreign direct investment landscape, 2020 was a mixed bag of equity inflows, policy changes, arbitration awards and innovative dispute resolution strategies. In September 2020, FDI equity inflows in India crossed the USD 500 billion milestone, computed over a period of 20 years starting from April 2000.
1 While global FDI witnessed a steep decline of 42%, India noted a 13% increase in FDI inflows.
2 India’s tightened scrutiny of FDI from her neighbours and FDI in e-commerce invited intense discussion.
However, the culmination of key long-standing arbitration proceedings initiated by foreign investors against India under international investment treaties invited global attention, especially in the final quarter of 2020. These disputes were initiated by foreign investors to challenge measures adopted by the Indian government and State entities that adversely impacted foreig
The National Company Law Appellate Tribunal(NCLAT), Chennai Bench, has refused to entertain an appeal filed by Devas Mauritius Employees Private Ltd - a shareholder of Devas Multimedia Private Ltd -.