Bengaluru-based start-up Devas Multimedia, now under the control of a liquidator, has approached the US Court of Appeals against a January 3 federal court order that allowed foreign investors of the start-up to acquire Antrix Corporation assets in US Eastern allowed to search. The District of Virginia to recover $1.2 billion in compensation for the failed Dewas Multimedia-Antrix Corp satellite deal.
The January 3 order by the US District Court for the Western District of Washington, a federal court, came after three foreign investors of Dewas Multimedia – CC/Dewas Mauritius Ltd, Telcom Dewas Mauritius Ltd, and Dewas Employee Mauritius Pvt Ltd. The court allowed a search of Antrix’s assets throughout the United States. Foreign investors are also targeting Air India’s assets for compensation – as a government of India entity – prior to its sale to the Tata Group.
Antrix Corporation is the commercial arm of the Indian Space Research Organization (ISRO). Since the cancellation of the 2005 deal between Antrix and Dewas in 2011, Dewas investors have won separate compensation awards in international tribunals, including 1.2 billion awarded by the International Chamber of Commerce (ICC) tribunal on September 14, 2015. Dollars included. The award was retained. On October 27, 2020, the US District Court for the Western District of Washington and Antrix appealed against this order in the US Court of Appeals. The Supreme Court of India, vide order dated 4th November, 2020, has asked to keep the ICC Tribunal Award on hold. The National Company Law Tribunal of India had on May 25 last year ordered the liquidation of Dewas Multimedia, citing fraud in its manufacturing. The NCLT order was upheld by the Supreme Court on January 17.
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