Devas investors can join effort to enforce arbitral award : UK Judge
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Judge David Waksman of the High Court of Justice on Friday concluded that the application by Devas (Mauritius) Ltd and other investors in the company to join the proceedings was “well founded”, especially since the satellite company has been placed in liquidation in India.
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There is “obvious merit” in allowing investors in Devas Multimedia to join proceedings aimed at enforcing the $1.2 billion arbitral award won by the satellite firm in 2015, a London judge noted last week, while observing what he termed as the steps being taken by India to make the award ineffective.
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Devas’ investors push for amicable settlement of row
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On 6 May, Devas’ investors wrote to the government, including the home ministry, offering to settle the row mutually. Mint
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Three Mauritius-based entities embroiled in a lengthy legal battle with state-run Antrix Corp. Ltd, the commercial arm of the Indian Space Research Organisation (Isro), and the Indian government over a cancelled satellite leasing contract have offered to settle the dispute amicably.
Devas (Mauritius) Ltd, Telcom Devas Mauritius Ltd and Devas Employees Mauritius Pvt. Ltd are seeking to enforce an international arbitration award they had won in 2015. The $562.5 million award in damages is worth $1.3 billion, including interest as of November, according to the US District Court for the Western District of Washington that confirmed the award.