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Tribune News Service New Delhi, January 18 Union Finance Minister Nirmala Sitharaman on Tuesday said the Government will contest the adverse international arbitration awards totaling over $ 1.1 bill
The minister also denounced the UPA government for its failure to appoint an arbitrator to represent India’s point of view, leading to the current mess.
At a press conference, she said the government is now fighting in every court to save taxpayers' money that would otherwise go towards paying for arbitration awards that Devas has won against the cancellation of the 2005 deal.
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.
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 ...