STOCK MARKET BSE NSE

Antrix moves court to stall arbitration bid

BANGALORE: Antrix Corp, the Indian space agency\'s commercial arm, has moved a court here to restrain Devas Multimedia Services Corp Ltd. from proceeding ahead with its case in the Paris-based

Published: 09th February 2012 06:33 PM  |   Last Updated: 16th May 2012 05:52 PM   |  A+A-

BANGALORE: Antrix Corp, the Indian space agency's commercial arm, has moved a court here to restrain Devas Multimedia Services Corp Ltd. from proceeding ahead with its case in the Paris-based International Court of Arbitration against the $300-million scrapped S-band spectrum deal, an official said Thursday.

Additional City Civil and Sessions Court Judge D.B. Patil, after hearing Antrix, posted the case to Feb 25 for arguments.

Antrix filed the case for an interim injunction soon after Devas went for arbitration in July 2011, the official said.

"As Antrix is registered in Bangalore, we have moved the local court and also the Supreme Court under sovereign right after the government annulled the contract with Devas in February 2011," state-run Indian Space Research Organisation's (ISRO) director S. Satish told IANS here.

"Since the matter is in the court, we will not be able to comment on the merits of the case," Satish said.

Antrix plea in the apex court on the arbitration issue was scheduled to come up for hearing Friday.

As per the deal, Antrix was to provide 70 MHz S-Band spectrum to Devas, which is into multimedia services. Antrix was to provide the spectrum by leasing out transponders of two satellites to be built mainly for Devas.

The Comptroller and Auditor General (CAG) estimated the loss to the exchequer to the tune of Rs.2 lakh crore because of the deal. The central government later scrapped the controversial deal.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp