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The Supreme Court on Monday said if the seeds of the commercial relationship between the Antrix Corporation and Devas Multimedia, were a product of fraud perpetrated by latter, "then the plant which grew out of those seeds was infected ...
Supreme Court has held that it is not possible for the top court "to set aside the order of winding up, on the sole ground that the shareholders application for impleadment as well as the appeal were rejected wrongly"
The Supreme Court on Monday said if the seeds of the commercial relationship between the Antrix Corporation and Devas Multimedia, were a product of fraud perpetrated by latter, then the plant which grew out of those seeds was infected with poison of fraud, as it upheld the NCLT order, directing the firm's winding up.
The Modi government was wise to settle with Cairn because it is futile to continue evading payment on arbitral awards that have been upheld in every instance," a Devas Multimedia spokesperson told Business Today.
"India has assets like this all over the world. This is just the beginning. We're planning many more seizures," said Jay Newman, senior adviser to Devas Shareholders.