Business
Devas: SC dismisses SLP of Devas; big win for us as startup can’t enforce ICC award in India: Antrix
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NEW DELHI: In a big setback for the Bengaluru-based space startup, the Supreme Court has dismissed the special leave petition of Devas Multimedia related to the award of $562.5 million made in its favour by the ICC International Court of Arbitration in 2015.
A Mauritius-based shareholder of Devas had filed the SLP against the Delhi High Court’s confirmation order setting aside the ICC Award.
Upon hearing the counsel of both sides, the bench of Justice S Ravindra Bhat and Justice Aravind Kumar said last Friday, “It is of the opinion that the impugned order does not call for interference. The SLP is accordingly dismissed. All pending applications are disposed of.”
Lauding the order, Antrix legal officer Chinmoy Roy said, “This order has once again vindicated Antrix’s stand. The Hon’ble Supreme Court has also put the final nail on the propaganda and fraud propagated by Devas. The legal officer said, “With this order of the Supreme Court, Devas has exhausted all its available legal remedies and can no longer enforce the ICC award in India.”
The ICC tribunal had rendered an arbitration award dated September 14, 2015, against Antrix, awarding Devas $562.5 million due to the alleged wrongful termination of the Antrix-Devas satellite deal. Pursuant to this, Devas had been trying to enforce this ICC award against Antrix in the US, France, the UK and the Netherlands, seizing various assets of Antrix and the Indian government in these jurisdictions. With this order, it would be difficult for Devas to seize Indian assets abroad.
A Mauritius-based shareholder of Devas had filed the SLP against the Delhi High Court’s confirmation order setting aside the ICC Award.
Upon hearing the counsel of both sides, the bench of Justice S Ravindra Bhat and Justice Aravind Kumar said last Friday, “It is of the opinion that the impugned order does not call for interference. The SLP is accordingly dismissed. All pending applications are disposed of.”
Lauding the order, Antrix legal officer Chinmoy Roy said, “This order has once again vindicated Antrix’s stand. The Hon’ble Supreme Court has also put the final nail on the propaganda and fraud propagated by Devas. The legal officer said, “With this order of the Supreme Court, Devas has exhausted all its available legal remedies and can no longer enforce the ICC award in India.”
The ICC tribunal had rendered an arbitration award dated September 14, 2015, against Antrix, awarding Devas $562.5 million due to the alleged wrongful termination of the Antrix-Devas satellite deal. Pursuant to this, Devas had been trying to enforce this ICC award against Antrix in the US, France, the UK and the Netherlands, seizing various assets of Antrix and the Indian government in these jurisdictions. With this order, it would be difficult for Devas to seize Indian assets abroad.
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