The deal between Antrix and Devas was signed in when G Madhavan Nair was at the helm of affairs in the Department of Space (DoS). Former ISRO chairperson Madhavan Nair took advantage of the many positions of power he held to push deal through, says Comptroller and Auditor General. New Delhi: A Delhi court on Saturday granted bail to former Isro chairperson G. Madhavan Nair in the Antrix-Devas case that had caused a loss.
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This is the second international tribunal to rule against the Indian government in the Antrix-Devas scam, and questions how the government will react to the judgment especially since it was trying to avoid a potentially dangerous scam when it cancelled its deal with Devas in In the earlier decision inthe International Chamber of Commerce ICC tribunal found unanimously that Antrix’s repudiation of the contract was unlawful, and awarded Devas damages and pre-award interest of approximately million US dollars, plus post-award annual interest accruing at 18 percent until the award is paid in full.
In a statement, Devas said, “A Permanent Court of Arbitration tribunal has found that the government of India’s actions in annulling a contract between Devas and Antrix Corporation Ltd, and denying Devas commercial use of S-band spectrum, constituted an expropriation.
The Hague-based tribunal, which regularly takes cases involving states, including investment treaty claims brought under arbitration rules of the United Nations Commission on International Trade Law UNCITRALalso found that India breached its treaty commitments to accord fair and equitable treatment to Devas’s foreign investors.
The Antrix-Devas scam is one of the most serious crisis Isro has faced in its history. The charges were dropped afterwards as the accusation turned out to be false. He later blamed vevas UPA-2 government for things going south in the deal.
As per the agreement, Antrix was to provide antix MHz of the scarce S-Band space segment to Devas for its digital multimedia services. Antrix was to lease satellite transponders to Devas for allowing it to offer digital multimedia services using the S-band wavelength spectrumreserved for strategic purpose.
Devas, in turn, was to pay Antrix a total of million US dollars over 12 years. The aim of the project was to provide broadband wireless services to the remote areas of India. However, the deal failed to take off, as the then Manmohan Singh-led government in said the project was dfal under review and action has been initiated for termination of the contract. The scandal first came to light when inThe Cevas reported that there were some irregularities in the agreement between Antrix and Devas.
They reported the findings of a draft audit report and pointed out discrepancies including financial mismanagement, conflict of interest, non-compliance of rules, and favouritism.
Antrix-Devas deal case: Madhavan Nair, ex-ISRO chief, granted bail – The Hindu
This revelation came at the heel of the 2G spectrum scam which was condemned for the high-level of corruption. The government finally cancelled the deal on 17 Dea, Devas then took Antrix and the Government to International Court for cancelling its contract by the Cabinet Committee on Security in The Department of Space DoSin a statement, said that in the award, issued on “jurisdiction and merits on 25 July, “, the tribunal has said that the Indian government’s essential security devs provisions “do apply in this case to an extent” and the “limited liability of compensation shall be limited to 40 percent of the value of the investment” but the precise quantum has not been determined as yet.
Devas Multimedia was also charged with contravening the FDI regulations under Fema for assuring foreign investors an annual eight per cent priority dividend in addition to other dividends on cumulative basis, and for one tranche of receipt of funds, issuing a security akin to an External Commercial Borrowing ECB promising higher returns than the ceiling fixed by the Reserve Bank of India.
Antrix was set up in to commercialise space productsand was also used as a channel for the transfer of technology. Devas Multimedia was set up by former space engineers from Isro and then was funded by foreign investors some of them from Mauritius. Manmohan Singh was right on demonetisation: Note ban reduced real economic activity, shows NBER paper.
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India beat Zntrix by runs.
Antrix-Devas deal: Court grants bail to former ISRO Chairman G Madhavan Nair
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