Devas pursue enforcement of $ 1.2 billion arbitration decision

Shareholders of Devas Multimedia have stated that they will continue to pursue the implementation of the $ 1.3 billion arbitral award it earned against Antrix Corporation, the commercial arm of the Indian Space Research Organization (ISRO) in 2015.

They added that the report of a $ 1 billion settlement between the government and the UK-based Cairn Energy PLC was encouraging. However, stakeholders said the center “must pay all debt.”

Jay Newman, senior adviser to Devas shareholders, said Cairn’s government offer a $ 1 billion refund due to the abolition of retroactive tax law.

Devas stakeholders are currently suffering $ 1.3 billion in damages to India to end a 2005 agreement to build two communications satellites in numerous courts around the world, including the United States (US) and the United Kingdom (UK). We are proceeding with a proceeding demanding payment of compensation. We provide hybrid satellite and terrestrial communications services throughout India.

Devas was the second company after Cairn Energy, which relocated a New York court to seize US Air India assets earlier this year in compensation for India’s failure to implement its arbitral award.

Cairn Energy said Tuesday that it would withdraw its proceedings to seize Indian real estate in countries ranging from France to the United States within days of receiving a $ 1 billion refund.

Cairn CEO Simon Thomson told PTI that instead of withdrawing all proceedings against the government, the offer to return the seized money to enforce retroactive tax demands is “acceptable.” India News Republic