Centre for winding up Devas Multimedia
May 02, 2021
To go ahead with plan after Karnataka HC failed to intervene
The Centre will push ahead with its proposal to wind up Devas Multimedia after the Karnataka High Court declined to intervene in the matter. A clutch of investors in Devas had attempted to block the liquidation process in India and in a US court.
The US District Court in Washington court had initially given a temporary injunction after shareholders of Devas Multimedia filed a petition that Antrix could force a settlement on Devas without the consent of its shareholders. But this was vacated subsequently. Last week, the Karnataka High Court also allowed the liquidation pleadings filed by the Centre to be heard by the NCLT. The Centre, vide notification dated January 18, 2021, had authorised the Chairman & Managing Director of Antrix Corporation to present a petition to wind up Devas. Accordingly, Antrix Corporation filed a company petition before NCLT, Bengaluru.