The National Company Law Tribunal, Bengaluru, on Tuesday admitted the petition filed by Indian Space Research Organization s commercial arm Antrix Corporation Ltd to wind up Devas Multimedia under Sections 271 and 272 of the Companies Act 2013.
Antrix Corporation sought the winding up of Devas Multimedia on the grounds that the Bengaluru-based company s affairs were being have been conducted in a fraudulent manner , the company was formed for fraudulent and unlawful purpose , the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct .
Antrix and Devas are in the middle of multiple legal proceedings over the former terminating the 2005 contract with the latter in 2011. In November 2020, SC had stayed the execution of a US award which asked Antrix to pay 1.2 Billion $ compensation to Devas.
ETtech Morning Dispatch, 19 Jan. 2021: Top Tech News to Start Your Day
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Last Updated: Jan 19, 2021, 08:03 AM IST
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Startup funding deals are gaining significant traction in the new year, in sectors as varied as gourmet meat (Licious). India moves to fix glitches in the tech backbone of its Covid-19 vaccination drive. Zerodha CEO bats for more fintech startups in India’s complex mutual-fund space.
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Govt asks Antrix to file petition to wind up Devas Multimedia
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Last Updated: Jan 18, 2021, 08:16 PM IST
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Synopsis
The Ministry of Corporate Affairs has cited a rule in the Companies Act, 1956 that allows a petitioner to file for the winding up of a company if it has, in the petitioner’s opinion, been formed for “fraudulent and unlawful purposes”.
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BENGALURU: The government has directed Antrix Corporation, the commercial arm of India s space agency, to file a petition to wind up Devas Multimedia, a Bengaluru-based firm that has filed lawsuits seeking hundreds of millions of dollars in compensation from it over a cancelled satellite deal.
Antrix-Devas case: India to question US court jurisdiction
January 17, 2021
Antrix should adopt a different tactic than merely fighting over jurisdiction: Experts
India is expected to question the jurisdiction of the United States District Court for the District of Columbia to hear a petition filed by Devas Multimedia seeking to enforce the damages awarded against ISRO’s commercial arm Antrix Corp by the Permanent Court of Arbitration Tribunal at The Hague.
The petition, filed by three investment firms related to Devas, argues that the award can be enforced in the US because India is a signatory to the New York Convention.
Antrix case: Devas moves US court to enforce The Hague arbitration award
January 15, 2021
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Devas Multimedia has filed a petition at a US district court seeking to enforce the damages awarded against ISRO’s commercial arm Antrix Corp by the Permanent Court of Arbitration Tribunal at The Hague.
The petition, filed by three investment firms related to Devas, argues that the award can be enforced in the US because India is a signatory to the New York Convention.
“By entering into the New York Convention, India waived any immunity it may otherwise possess in relation to an action to enforce an award in this jurisdiction,” states the petition filed by three Mauritius-incorporated companies CC/Devas (Mauritius) Ltd, Devas Employees Mauritius Private Ltd, and Telcom Devas Mauritius Ltd.