Antrix Satellite Deal, 2005 Saga continues: Devas investors issue new arbitration notice to Government over failed deal

  

Investors in Devas Multimedia have launched a new treaty claim against India over its efforts to thwart enforcement of a US$1.3 billion ICC award.

This comes weeks after the company’s liquidation was upheld by the Indian Supreme Court.

The fresh arbitration notice has been issued to the Government of India for alleged use of “unlawful and abusive measures” to prevent Devas from collecting compensation for a failed 2005 satellite deal between the start-up and ISRO’s Antrix Corporation.

The notice has been issued under the United Nations Commission on International Trade Law (UNCITRAL).

Investors in Devas Multimedia and Antrix Corp, a commercial arm of the Indian Space Research Organization (ISRO) are engaged in a legal dispute over the cancellation of a 2005 satellite deal between the two firms.

 Devas Multimedia and its investors have already won a compensation award of $ 1.2 billion over the failed deal from an International Chamber of Commerce (ICC) arbitration tribunal and other tribunals.

 

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(With input from news agency language)

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