January 20, 2022 9:49 am
🔴 Keeping aside the political posturing meant for a domestic audience, the government should also be mindful of the implications of not abiding by international norms. Not honouring global awards will have consequences.
January 19, 2022 12:22 pm
The Supreme Court has upheld the liquidation of Devas, whose foreign investors continue to fight for compensation following the cancelled 2005 satellite deal with Antrix. A look at the deal, and the ripples from the scrapping.
January 19, 2022 1:30 am
Addressing the media, Union Finance Minister Nirmala Sitharaman hailed the Supreme Court decision as very comprehensive and hit out at the UPA government for the Antrix-Devas deal.
November 20, 2021 9:18 pm
The ED informed a special court in Bengaluru about the serving of summons on Ramachandran Vishwanathan, Founder CEO of Devas Multimedia, and Devas Multimedia America Inc (DMAI), the US subsidiary.
November 09, 2021 4:32 am
The move comes in the wake of the US federal court order of August 16, 2021 allowing a Bengaluru start-up firm Devas Multimedia to identify assets of the Antrix Corporation in order to attach them for recovery of a US $1.3 billion compensation award made by an international tribunal over a failed 2005 satellite deal.
September 09, 2021 12:42 am
Earlier, the NCLT Bengaluru bench had ordered winding up of Devas Multimedia on a petition filed by the Ministry of Corporate Affairs. It had observed that Devas was only incorporated to collude with the then officials in order to “bring money into India and to divert it under dubious methods to foreign countries”.
September 09, 2021 8:13 am
The ED has sought a recall of the order and the matter is scheduled for hearing this week.
June 30, 2021 9:06 am
The Mauritius investors have followed in the footsteps of the UK firm Cairn Energy in seeking to get Air India declared an alter ego of India in order to pursue assets of the national carrier as a strategy to enforce arbitration awards against the government.
May 26, 2021 5:42 am
On May 6, three Mauritius-based foreign investors in Devas had issued a notice to the Indian government, including Prime Minister Narendra Modi, seeking an amicable settlement of the dispute.
March 01, 2021 7:08 pm
Omnispace plans to put in place a smaller constellation of around 200 satellites — 15 in middle earth orbit and others in low earth orbit — to provide 5G services.