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Devas-Antrix Deal: International Court Asks India To Pay Rs 6,700 Crore Penalty To Devas Multimedia
The International Tribunal in The Hague has asked India to pay Rs 6,700 Crore penalty for cancelling a deal involving two satellites and the spectrum deal with Devas Multimedia.

The International Tribunal in The Hague has asked India to pay Rs 6,700 Crore penalty for cancelling a deal involving two satellites and the spectrum deal with Devas Multimedia.

The contract between Antrix Corporation and Devas Multimedia Private Limited was signed on January 28, 2005, during G Madhavan Nair’s tenure as the Chairman of ISRO.

However, in 2011, Antrix cancelled the deal.

The court rules that by doing so, the government acted unfairly, causing inordinate losses to investors in Devas Multimedia.

Devas filed its case at the international court of arbitration in 2015.

The deal had also resulted in an early exit for Nair as he was the Chairman of the Governing Council of Antrix when the deal was finalised.