NCLAT reserves judgment on Devas Multimedia employees’ appeals

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July 29, 2021 8:10 AM

On a petition filed by Antrix Corporation, an entity dealing in commercial business of spectrum under the control of the department of space and Indian Space Research Organisation, the NCLT directed the initiation of the liquidation process for Devas Multimedia on account of fraudulent conduct.

That is because once they throw their hat in the ring and their proposal is accepted by the CoC, they would be bound by their proposal.That is because once they throw their hat in the ring and their proposal is accepted by the CoC, they would be bound by their proposal.

The National Company Law Appellate Tribunal (NCLAT) on Wednesday reserved its judgement on the appeals filed by Devas Multimedia employees, representing shareholders and the ex-management, seeking a stay on the May 25 order of the National Company Law Tribunal, Bangalore that directed initiation of the liquidation process for Devas Multimedia.

On a petition filed by Antrix Corporation, an entity dealing in commercial business of spectrum under the control of the department of space and Indian Space Research Organisation, the NCLT directed the initiation of the liquidation process for Devas Multimedia on account of fraudulent conduct. “Heard both sides in full. Hearing is completed. Judgment is reserved,” the Chennai bench of the NCLAT said on Wednesday.

The appellate tribunal, however, asked both the appellants and the respondents that include ministry of corporate affairs represented by Sanjay Shorey, Director, Legal & Prosecution; and Additional Solicitor general Venkataraman, counsel for Antrix Corporation, “to file their notes of submissions’, along with chart, if any,” by August 9 before the office if the registry and asked both the parties to exchange the same.

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