Antrix asks US court to stop Devas
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Synopsis
Devas had sought the court s assistance in obtaining information needed to enforce the award, and for it to deny Antrix s motion for a protective order
PTI
Indian Space Research Organisation (ISRO) launches the Brazilian satellite Amazonia-1 from the Satish Dhawan Space Centre in Sriharikota, Sunday, Feb. 28. 2021. (PTI Photo)
Antrix Corp, the commercial arm of India’s space agency, has urged a federal court in Washington to block Devas Multimedia’s attempts to track down assets and enforce an $1.2-billion arbitration award won by the satellite firm in 2015, marking the latest in a series of legal challenges mounted by the two parties.
Centre for winding up Devas Multimedia
May 02, 2021
To go ahead with plan after Karnataka HC failed to intervene
The Centre will push ahead with its proposal to wind up Devas Multimedia after the Karnataka High Court declined to intervene in the matter. A clutch of investors in Devas had attempted to block the liquidation process in India and in a US court.
The US District Court in Washington court had initially given a temporary injunction after shareholders of Devas Multimedia filed a petition that Antrix could force a settlement on Devas without the consent of its shareholders. But this was vacated subsequently. Last week, the Karnataka High Court also allowed the liquidation pleadings filed by the Centre to be heard by the NCLT. The Centre, vide notification dated January 18, 2021, had authorised the Chairman & Managing Director of Antrix Corporation to present a petition to wind up Devas. Accordingly, Antrix Corporation filed a company petition before NCLT, Bengaluru.
Antrix challenges restraining order by US court
April 04, 2021
ISRO’s commercial arm Antrix Corp has filed a petition with a US District Court in Washington seeking to revoke a temporary restraining order (TRO) against a possible settlement in the dispute with Devas Multimedia.
Antrix has argued that the possibility of such a settlement was hypothetical at this point in time and secondly, the settlement, if any, will have to be first approved by an Indian court.
The US court had given a temporary injunction after shareholders of Devas Multimedia filed a petition that Antrix could force a settlement on Devas without the consent of its shareholders. This situation has arisen because in January Antrix filed a petition in the National Company Law Tribunal to wind up Devas on allegations of fraud.