December 14, 2024 03:21 (IST)

Make this your homepage

News

Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess

India loses arbitration case to Devas in The Hague, damages could be $1 Billion

India Blooms News Service | | Jul 26, 2016, at 04:58 pm

#The Hague # Devas-Antrix deal # Arbitration case # ISRO # India loses case

The Hague, July 26 (IBNS) India has lost a big arbitration case in the International Tribunal in The Hague for cancelling a satellites and spectrum deal with Devas Multimedia and might end up paying a billion dollars in damages, said reports.

The International Tribunal in The Hague passed a verdict which is against the Indian government and went in favour of Devas Multimedia. The contract was cancelled in 2005 by Antrix Corporation Limited which is the commercial wing of Indian Space Research Organization (ISRO).

Antrix had signed a deal with Devas Multimedia in 2005 to build two satellites on which Devas would lease transponders in India. Bundled into the deal was 70 MHz of S-Band spectrum which was allegedly "grossly underpriced" at Rs 1000 crore.

Former ISRO chairman G Madhavan Nair among others were blamed for their roles in the deal, triggering a row as Nair cried foul and said it was a conspiracy.

Image: Wikimedia Commons

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.

India
International

Related Images

Russian Embassy in India confers Order of Friendship to Syrian Orthodox Church head Dec 12, 2024, at 06:31 pm

IN IMAGES: ISKCON members protest in Kolkata demanding release of arrested leader in Bangladesh Nov 30, 2024, at 12:21 am

IN IMAGES: Muslims led by West Bengal Jamiat-e-Ulama protest against Waqf Amendment Bill in Kolkata Nov 29, 2024, at 04:37 am