image
India loses arbitration case to Devas in The Hague, damages could be $1 Billion
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.
Top Headlines
-
News
Russia hits Kyiv with drones, missiles, four dead
June 06, 2025
-
News
IPL title victory stampede: RCB marketing chief Nikhil Sosale arrested
June 05, 2025
-
News
US court blocks Trumps global tariffs; dismisses 'India-Pak ceasefire' arguments
May 29, 2025
-
News
India rejects Team Trump's latest claim on tariffs' role behind ceasefire with Pakistan
May 29, 2025
-
News
We sign contracts, knowing they will never come: Air Force chief slams delay in defence deliveries
May 29, 2025
-
News
We sign contracts, knowing they will never come: Air Force chief slams delay in defence deliveries
May 29, 2025
-
News
Days not far when people of PoK will voluntarily reunite with India: Rajnath Singh
May 29, 2025
-
News
Elon Musk expresses 'disappointment' over Trump's 'big, beautiful bill', says it will 'increase budget deficit'
May 28, 2025
-
News
'We eliminated Hamas' Gaza chief Muhammad Sinwar': Israeli PM Benjamin Netanyahu
May 28, 2025
-
News
Terrorism, Pakistan and a united India: Listen to what Bharat's multiparty emissaries are messaging to the world
May 28, 2025