• India
  • World
  • Technology
More

    ISRO loses Antrix-Devas Multimedia case; may pay $1 billion in damages.

    Must Read

    DCGI allows Phase II-III clinical trial of Covaxin on 2 to 18-years-old

    The Drugs Controller General of India (DCGI) has accorded permission to conduct the Phase II-III clinical trial...

    Gujarat to consider crematorium workers as corona warriors

    Gujarat Chief Minister Vijay Rupani on Wednesday said that the state government will consider crematorium employees as...

    India reports 3,62,727 new COVID-19 cases, 4,120 deaths

    India recorded 362,727 new Covid-19 infections and 4,120 deaths on Thursday, taking the caseload tally to 23,703,665,...

    The international Tribunal in the Hague has ruled against the Indian government in a case filed by Devas Multimedia in 2005, after the Indian Space Research Organisation’s (ISRO) Antrix cancelled a major contract.

    The Indian government may have to pay nearly about $1 billion in damages to Devas Multimedia.

    ISRO’s commercial arm antrix had cancelled a deal involving the use of two satellites and a spectrum. Following this case was filed by Devas Multimedia against Antrix.

    The “Permanent court of Arbitrations” (PCA) tribunal also found that India breached its treaty commitments to accord fair and equitable treatment to Devas’s foreign investors.

    The PCA regularly administers cases involving states, including investment treaty claims brought under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL). The ruling, issued yesterday at The Hague, was the second by an international tribunal arising out of the cancellation of the Devas, a statement by Devas said on Tuesday 26 July 2016.

    An International Chamber of Commerce (ICC) tribunal in 2015 that Antrix’s repudiation of the Devas Antrix contract was unlawful, and awarded Devas damages and pre-award interest of approximately $672 million, plus post award annual interest accruing at 18 percent until the award is paid in full.

    Antrix and Devas had signed the deal which would have helped Devas to deliver internet and broadband to remote areas.

    The deal was annulled by the UPA government as it was not informed it and also ,no auction process was followed.

    Following this the U.S. investors in Devas moved a case against Antrix.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    DCGI allows Phase II-III clinical trial of Covaxin on 2 to 18-years-old

    The Drugs Controller General of India (DCGI) has accorded permission to conduct the Phase II-III clinical trial...

    Gujarat to consider crematorium workers as corona warriors

    Gujarat Chief Minister Vijay Rupani on Wednesday said that the state government will consider crematorium employees as "corona warriors" and provide them...

    India reports 3,62,727 new COVID-19 cases, 4,120 deaths

    India recorded 362,727 new Covid-19 infections and 4,120 deaths on Thursday, taking the caseload tally to 23,703,665, according to Health ministry website....

    Vadodara crime branch arrest one for black marketing of medical oxygen cylinder

    Vadodara crime branch arrest a person for black marketing of oxygen cylinder. Without any valid permit he was selling the cylinders on...

    GSEB Gujarat Board class 10, 12 exam revised dates expected this week

    The Gujarat Secondary and Higher Secondary education board (GSHSEB) is expected to announce the revised schedule for Gujarat Board class 10 and...

    More Articles Like This

    - Advertisement -