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Deutsche Telekom petitions US court to enforce $1.2 billion arbitration award against Antrix SECTIONS Share Synopsis The telecom company has argued that India had never challenged the final award by Geneva-based ICC and the deadline for it to do so under Swiss law has passed iStock Picture for representation purpose only Deutsche Telekom has petitioned a US court asking it to enforce a $1.2 billion compensation award against Antrix Corp, the commercial arm of India’s space agency, for cancelling a satellite contract with Devas Multimedia, in which the German telecom company is a strategic shareholder. Deutsche Telekom has sought that India pay its share of $135 million in damages in the case where the US federal court for the western district of Washington had last October upheld the International Chamber of Commerce’s arbitration award of over $1.2 billion ($562 million plus interest) in 2015. ....
Antrix challenges restraining order by US court April 04, 2021 ISRO’s commercial arm Antrix Corp has filed a petition with a US District Court in Washington seeking to revoke a temporary restraining order (TRO) against a possible settlement in the dispute with Devas Multimedia. Antrix has argued that the possibility of such a settlement was hypothetical at this point in time and secondly, the settlement, if any, will have to be first approved by an Indian court. The US court had 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. This situation has arisen because in January Antrix filed a petition in the National Company Law Tribunal to wind up Devas on allegations of fraud. ....
Govt asks Antrix to file petition to wind up Devas Multimedia SECTIONS Last Updated: Jan 18, 2021, 08:16 PM IST Share 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”. Getty Images 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. ....