Govt studying Antrix-Devas order before filing appeal at Hague

By: |
New Delhi | August 9, 2016 8:22 PM

The government is studying the Hague tribunal's orders on Antrix-Devas deal and will file appeal against the verdict at an "appropriate time" in the international tribunal, ISRO Chairman said today.

The tribunal had found that the Indian government's actions in annulling the contract and denying Devas commercial use of S-band spectrum constituted an "expropriation". (IE)The tribunal had found that the Indian government’s actions in annulling the contract and denying Devas commercial use of S-band spectrum constituted an “expropriation”. (IE)

The government is studying the Hague tribunal’s orders on Antrix-Devas deal and will file appeal against the verdict at an “appropriate time” in the international tribunal, ISRO Chairman said today.

Last month, India had lost the arbitration case in a Permanent Court of Arbitration (PCA) tribunal based in the Hague over its space marketing PSU Antrix Corp annulling a contract with Bengaluru-based private multimedia firm Devas.

The tribunal ruled that the Indian government had acted “unfairly” and “inequitably” in cancelling the contract involving use of two satellites and spectrum.

“… We are studying the court orders and will file appeal against the PCA tribunal at appropriate time. The appeal will be filed in the,” ISRO Chairman and Secretary in Department of Space A S Kirankumar said.

The tribunal had found that the Indian government’s actions in annulling the contract and denying Devas commercial use of S-band spectrum constituted an “expropriation”.

Under the deal signed in 2005, Antrix was to provide 70 MHz of the scarce S-Band wavelength to Devas for its digital multimedia services by leasing 90 per cent of the transponders in ISROs GSAT-6 and GSAT-6A satellites.

Devas, in turn, was to pay Antrix a total of USD 300 million over 12 years.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Second Covid wave is ‘Modi-made disaster,’ says Mamata Banerjee, rules out Bengal lockdown
2West Bengal Election Phase 6 polls: Number of constituencies, candidates, voting date, time – All you need to know
3Nashik Oxygen leak tragedy: PM Narendra Modi, other leaders offer condolences