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
CSR in the Crossfire: Professor and practitioners debate over ethics in India Inc. at Kolkata's MCHD talk
October 24, 2025
-
News
Jashanpreet Singh Case: California under fire for licensing undocumented truck driver
October 24, 2025
-
News
India upgrades Technical Mission in Kabul to Embassy, days after Muttaqi's visit to New Delhi
October 22, 2025
-
News
Pakistan, Afghanistan agree to 48-hour ceasefire after deadly border clashes
October 15, 2025
-
News
Afghan Taliban, Pakistan exchange gunfire, dozens killed
October 15, 2025
-
News
Trump hails Netanyahu in Israel after hostage release, declares historic dawn of a new Middle East
October 13, 2025
-
News
Historic dawn of a new Middle East: Donald Trump addresses Israeli Parliament
October 13, 2025
-
News
Shah Rukh Khan receives maiden National Award from President Droupadi Murmu
September 23, 2025
-
News
Kolkata: Ahiritola Yubak Brinda invites Auram to make jewellery for Ma Durga and her family
September 20, 2025
-
News
Israel-US alliance 'never been stronger', Netanyahu says as State Secretary Rubio visit for talks
September 15, 2025
