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A court in India on Monday set aside a $1.3 billion arbitral award issued to satellite company Devas Multimedia Pvt. Ltd. following a decade-old dispute with India's space agency over a nixed telecommunications deal, concluding that the award was marred by fraud.
The latest Tweet by ANI states, 'Delhi HC allows Antrix Corporation plea & sets aside Arbitral award dated 14.9.2015 passed by Arbitral Tribunal allowing claim of Devas Multimedia Court held that Impugned award dated 14.9.2015 suffers from patent illegalities & fraud &is in conflict with Public Policy of India' �� Delhi HC Allows Antrix Corporation Plea & Sets Aside Arbitral Award Dated 14.9.2015 ... - Latest Tweet by ANI.
Antrix had approached the court, seeking to set aside the award of 2015 passed by the arbitral tribunal constituted by the International Chamber of Commerce, allowing the claim of Devas Multimedia.
The Delhi high court on Monday set aside an arbitral award of over $562.2mn in favour of Devas Multimedia, over the sudden termination of its agreement with the Isro’s commercial arm Antrix, offering relief to the government.
Devas Multimedia has seized USD 87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday.