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A French court has ordered the freezing of Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a $1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy. The court allowed Devas shareholders to register a "Hypotheque Judiciaire" or a judicial mortgage on a Paris apartment in the posh 16th
"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.
Devas Multimedia secures court orders to seize AAI, Air India assets in Canada: report
The court also granted relief to the Airports Authority of India, freeing up its funds that were seized by the Devas Multimedia shareholders.
The court also granted relief to the Airports Authority of India (AAI), freeing its funds that were seized by the Devas Multimedia shareholders.