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Finance Minister Nirmala Sitharaman on Tuesday said the Government of India will use the Supreme Court's verdict to fight against Devas in Antrix deal fraud internationally.
The Supreme Court on Monday dismissed an appeal filed by Devas Multimedia Private Limited challenging National Company Law Tribunal (NCLAT) order that allowed to wind up the company.
The order by a Canadian court to seize money collected by the International Air Transport Association (IATA) on behalf of Air India and the Airport Authority of India (AAI) marks the latest chapter in a long list of setbacks for Indian tax authorities in global courts of law.
We had mentioned in Friday’s closing report that Nifty and Sensex may head higher. On Monday, the indices opened gap up and ended with gain.
At the core of this dispute is a 2005 agreement between Antrix and Devas for the lease of satellite spectrum which was annulled in 2011 following a policy decision of the Indian government.