Government To Oppose International Award To Devas, Says Finance Minister
NDTV
Government will oppose the international award given to Devas Multimedia Limited after the Supreme Court upheld NCLAT's order to wind up the company
Government on Tuesday said that it will oppose the international award given to Devas Multimedia Limited, after the Supreme Court on January 17 had quashed the company's appeal challenging the National Company Law Appellate Tribunal's (NCLAT) order to liquidate it.
Addressing a press conference a day after the top court's order, finance minister Nirmala Sitharaman told a press conference that the process for liquidating Devas will start soon.
Commenting on the Supreme Court upholding the NCLAT's decision to wind up Devas, she blamed the erstwhile UPA regime for not appointing an arbitrator in the matter and also for not invoking the clause of national interest.
In 2005, Antrix, the commercial arm of Indian Space Research Organisation (ISRO), had agreed to develop and operate two satellites and lease out 90 per cent satellite transponder capacity to Devas.
