Antrix-Devas deal case: Ex-ISRO chief granted bail by court
Antrix-Devas deal case: Ex-ISRO chief granted bail by court
During The Proceedings, The CBI Informed The Court That Two Accused Could Not Be Served Summons As They Had Settled In The US, And The Process Was Still On To Execute The Summons To Them. PTI | Updated on: 23 Dec 2017, 12:33:40 PM
New Delhi:
Former ISRO chairperson G Madhavan Nair was today granted bail by a Delhi court in the sensational Antrix-Devas deal case in which a loss of Rs 578 crore was caused to the exchequer.
Special Judge Santosh Snehi Mann granted the relief to Nair on a personal bond of Rs 50,000 and two sureties of the same amount.
NCLT directs liquidation of Devas Multimedia, accepts petition by ISRO s Antrix Corp
Devas Multimedia: NCLT directs liquidation, accepts petition by ISRO s Antrix Corp
The National Company Law Tribunal (NCLT) has directed to initiate the liquidation process of Devas Multimedia by allowing the petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation.
The Bengaluru bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
The Bengaluru bench of the tribunal recently allowed the winding-up by allowing a petition filed by the Indian Space Research Organisation s commercial arm Antrix Corporation Ltd.The