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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.
Indian government-owned satellite company Antrix Corp. Ltd. told the Ninth Circuit that shareholders of a rival satellite company should not have been allowed to use U.S. courts instead of Indian courts to enforce a nearly $1.3 billion arbitration award.
Air India sought dismissal of Devas' foreign investors’ demand saying it is no longer a state-owned firm after its takeover by the Tata group.
Air India has won a nod of an appeals court in Quebec to challenge a Canadian court order that allowed foreign investors in Bengaluru-headquartered Devas Multimedia to seize its funds to recover compensation for a failed 2005 satellite deal with Antrix Corporation, a commercial arm of ISRO.
Despite a winding-up order by the Supreme Court, shareholders of Devas Multimedia Pvt Ltd say they will continue the pursuit of Indian assets across the globe and will not be deterred by the Indian government’s attempts to obstruct justice.