If a company can be wound up on fraud charges that are established on most specious grounds, as we saw the Tribunal do, without these being tried and established in a criminal court, and the highest court of the land upholds such a proposition and treats international arbitral awards as inconsequential, the damage that is done to India’s reputation as a safe place in which to do business would take a serious knock
Despite a winding-up order by the Supreme Court, shareholders of Devas Multimedia Pvt Ltd say they will continue the pursuit of Indian assets across the globe and will not be deterred by the Indian government’s attempts to obstruct justice.
New Delhi, January 17
The Supreme Court on Monday upheld the National Company Law Appellate Tribunal (NCLAT) order winding up Devas Multimedia Private Ltd at the instance of Antrix — the commer