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India Business News: The Supreme Court of India has dismissed the special leave petition of space startup Devas Multimedia, relating to a $562.5 million award made in its
A bench led by Justice Ravindra Bhatt dismissed the appeal filed by Devas Employees Fund US, LLC, which challenged the setting aside of the arbitral award on many grounds including that Antrix was aware of the alleged fraud prior to the termination of the Devas agreement. Instead of avoiding the agreement, it chose to affirm it, senior counsel Suhail Dutt argued.
In his autobiography, Madhavan Nair recalls a meeting with then prime minister Manmohan Singh after allegations of corruption in the 2005 Devas-Antrix satellite deal cropped up.
The US Court of Appeals for the Ninth Circuit ruled on August 1 that Antrix Corporation, ISRO’s commercial arm, enjoyed immunity under the Foreign Sovereign Immunities Act.
An American court has ruled in favour of India's space agency, Antrix, in a long-running legal battle with Devas Multimedia and its foreign investors over a failed satellite deal in 2005. The Ninth Circuit Court in California overturned the confirmation of the ICC award of $1.3bn against Antrix that had been granted to Devas, declaring that the district court "erred in exercising personal jurisdiction over Antrix."