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The central government has received great relief from the Delhi High Court in the Antrix-Dewas dispute case. The Supreme Court on Friday upheld a single judge’s order overturning the International Chamber of Commerce (ICC) order.
The ICC had ordered Antrix Corporation, a commercial arm of the Indian Space Research Organization, to pay damages of $562 million (approximately Rs 4,600 crore) to Devas along with interest for scrapping a deal in 2011. A bank headed of Chief Justice Justice Satish Chandra Sharma directed Dewas Employees Mauritius (DEM) Pvt. Ltd.’s appeal against the judgment of the single judge of the Supreme Court was rejected. DEM is the shareholder of Devas Multimedia Private Limited. The bank said there was no error in its earlier assessment that the business deal with Devas was fraud and against India’s public order.
The Supreme Court had also reported fraud
The court noted that while hearing the case related to this company, the Supreme Court had also said that Devas was set up for the purpose of fraud and that its business was conducted in a fraudulent manner as well. Therefore, the deal itself was fraudulent.