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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