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The Supreme Court on Monday upheld the National Company Law Appellate Tribunal order, passed in September last year, directing for winding up of Devas Multimedia, which made it a first case of winding up a company on ground of fraud.
Finance Minister Nirmala Sitharaman on Tuesday said the satellite deal between ISRO's commercial arm Antrix and Devas Multimedia signed in 2005 under the Congress-party led government was a fraud and has caused huge damage to the exchequer.
In a setback to Devas Multimedia, the Supreme Court on Monday upheld the National Company Law Appellate Tribunal (NCLAT), which in September last year dismissed a petition filed by Devas Multimedia against the order of the NCLT to wind up the company.
A private company in 2005 came up with an offer to start a bouquet of multimedia and telecom services and got into an agreement with Antrix Corporation, the commercial wing of state space agency, Indian Space Research Organisation (ISRO), and made a deal of leasing out two of ISRO's satellites, GSLV-6 & GSLA-6A, for private services at a throw-away price.
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.