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
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 43rd meeting of the top decision-making body is likely to discuss a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states.
The Bengaluru bench of the National Company Law Tribunal has ordered the liquidation of Devas Multimedia Pvt. on grounds that the company was incorporated in a fraudulent manner to siphon funds to dubious foreign accounts.