Highlights

  • Spectrum was supposed to be used only for national security and defense purposes
  • ICC awarded Devas compensation worth $1.3 billion

Latest news

Drama at Delhi airport over Air India flight to London being delayed by 3 hours; DGCA issues warning

Drama at Delhi airport over Air India flight to London being delayed by 3 hours; DGCA issues warning

Investor who called 2008 crash says 2022 is a plane crash

Investor who called 2008 crash says 2022 is a plane crash

'Rename Jinnah Tower to...': BJP's demand in Andhra Pradesh, march halted by police

'Rename Jinnah Tower to...': BJP's demand in Andhra Pradesh, march halted by police

Cannes 2022: Deepika Padukone rocks the 'orange is the new black' look

Cannes 2022: Deepika Padukone rocks the 'orange is the new black' look

Oh SNAP! $160 billion wiped out, is the dream run over?

Oh SNAP! $160 billion wiped out, is the dream run over?

The Antrix-Devas issue, from 2005 to the SC order all you need to know

Antrix Corporation Limited was incorporated as a private limited company owned by Government of India in September 1992 as a Marketing arm of ISRO

The final word on Devas-Antrix came in from the Supreme court as the apex court upholding the order to wind up Devas stated that it is a case of “fraud of a huge magnitude which cannot be brushed under the carpet, as a private suit.

The Finance Minister Nirmala Sitharaman addressing the media said the Govt will ensure Devas does not get away with fraud and it is the turn of the Congress to give answers.

EJ Biz rewinds to the twists and turns of the Antrix-ISRO deal.

2005: Antrix Corporation signs a deal with Devas Multimedia to lease out 90 percent of the transponders on GSAT-6 and GSAT-6A to Devas for $190 million.

The controversial part included the bundling of the S-Band spectrum which is used only for national security and defense purposes.

2011: UPA Govt cancels deal with Devas citing security reasons, but at the same time media expose signalled to the deal being a quid pro quo deal.

2015: ICC panel concludes that Antrix wrongfully annulled the deal after Antrix designated not to choose an arbitration representative. The company is ordered to pay damages with interest.

2016: CBI chargesheets ex-ISRO chairman G Madhavan Nair for 'wrongful gains' made under Devas deal to the tune of Rs 578 crore.

2017: ICC awarded Devas compensation worth $1.3 billion on the appeal of foreign investors in Devas.

2021: Ministry of corporate affairs asked Antrix to initiate a winding-up petition against Devas under the Companies Act.

NCLT and the NCLAT ordered to windup Devas.

2022: On January 3, 2022, Devas announced that it had won an order. The order allows Devas to seize $30 million worth of properties of Air India. The order was generated by a Canadian court.

2022, Jan 17: The SC upheld the NCLAT verdict on winding up Devas and called the deal "infected with the poison of fraud."

Also read | FM hits out at UPA, calls Antrix-Devas deal 'fraud' says Govt will fight it in every court

Up Next

The Antrix-Devas issue, from 2005 to the SC order all you need to know

The Antrix-Devas issue, from 2005 to the SC order all you need to know

SpiceJet faces ransomware attack, departure of morning flights affected

SpiceJet faces ransomware attack, departure of morning flights affected

Investor who called 2008 crash says 2022 is a plane crash

Investor who called 2008 crash says 2022 is a plane crash

Oh SNAP! $160 billion wiped out, is the dream run over?

Oh SNAP! $160 billion wiped out, is the dream run over?

 Sugar next on export watchlist after wheat

Sugar next on export watchlist after wheat

Sri Lanka crisis continues; petrol at all-time high of ₹420, diesel ₹400 per ltr

Sri Lanka crisis continues; petrol at all-time high of ₹420, diesel ₹400 per ltr

More videos

ACs, mobile phones, cars to get more expensive; here's why

ACs, mobile phones, cars to get more expensive; here's why

Snapchat warns the picture is not looking good! slashes hiring and outlook

Snapchat warns the picture is not looking good! slashes hiring and outlook

Zomato delivers good earnings, Morgan says order more stock

Zomato delivers good earnings, Morgan says order more stock

TIME 100: Gautam Adani makes the list of most influential

TIME 100: Gautam Adani makes the list of most influential

PM Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo

PM Modi in Japan: Meets heads of Softbank, Suzuki, Uniqlo

FIRST LOOK at Rakesh Jhunjhunwala's Akasa Air

FIRST LOOK at Rakesh Jhunjhunwala's Akasa Air

Mirror mirror on the wall, which are the most costliest things of them all?

Mirror mirror on the wall, which are the most costliest things of them all?

Netflix starts sacking, cancelling shows as subscribers shrink

Netflix starts sacking, cancelling shows as subscribers shrink

Bots or Bills, what is really giving Musk second thoughts about Twitter

Bots or Bills, what is really giving Musk second thoughts about Twitter

Spam Alert: Elon Musk could drop Twitter buyout plans

Spam Alert: Elon Musk could drop Twitter buyout plans

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.