Antrix deal: NCLT orders winding up of Devas for indulging in fraud
The Hindu
The National Company Law Tribunal (NCLT) has ordered liquidation of Devas Multimedia Pvt Ltd while declaring that the company was not only incorporated in a fraudulent manner to carry out unlawful pur
The National Company Law Tribunal (NCLT) has ordered liquidation ofwhile declaring that the company was not only incorporated in a fraudulent manner to carry out unlawful purposes and its management is continuing to resort to fraudulent activities in relation to its to get bandwidth from Antrix Corporation, ISRO’s commercial arm. The NCLT has directed the Official Liquidator (OL) to take expeditious steps to liquidate the company in order to prevent it from perpetuating its fraudulent activities and abusing the process of law in enforcing the award passed in 2015 by the arbitration tribunal of the International Chamber of Commerce (ICC), and submit a report by July 7.
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