The deal between Antrix and Devas was signed in when G Madhavan Nair was at the helm of affairs in the Department of Space (DoS). Former ISRO chairperson Madhavan Nair took advantage of the many positions of power he held to push deal through, says Comptroller and Auditor General. New Delhi: A Delhi court on Saturday granted bail to former Isro chairperson G. Madhavan Nair in the Antrix-Devas case that had caused a loss.
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This page was last edited on 20 Decemberat Devas Multimedia was set up by former space devae from Isro and then was funded by foreign investors some of them from Mauritius.
India has lost a major case in international arbitration involving spectrum and satellites and may have to pay up to a billion dollars in damages.
Antrix-Devas deal case: Madhavan Nair, ex-ISRO chief, granted bail – The Hindu
The entire 70 MHz MSS segment was sold to Devas for around Rs 1, crore, which was a devvas amount for such a huge amount of spectrum capacity. The News Minute newsletter Sign up to get handpicked news and features sent to your inbox.
Views Read Edit View history. They reported the findings of a draft audit report and pointed out discrepancies including financial mismanagement, conflict of interest, non-compliance of rules, and anfrix. The ED has accused Devas Multimedia, its subsidiaries and its senior officials, and Sridhara Murthi, the former MD of Antrix, of facilitating the siphoning of a part of Rs crore foreign investment.
Antrix-devas Deal: Latest News, Photos, Videos on Antrix-devas Deal –
However, the deal failed to take off, as the then Manmohan Singh-led government in said the project was already under review and action has been initiated for termination of the contract.
Get instant notifications from Economic Times Allow Not now. Printable version Dec 31, 9: During the proceedings, the CBI informed the court that two accused could not be served summons as they had settled in the U. Sridhar Murthy, the then-executive director of Antrix. Saturday 04 July In the earlier decision inthe International Chamber of Commerce ICC tribunal found unanimously that Antrix’s repudiation of the contract was unlawful, and awarded Devas damages and pre-award interest of approximately million US dollars, plus post-award annual interest accruing at 18 percent until the award is paid in full.
This is the second international tribunal to rule against the Indian government in the Antrix-Devas scam, and questions how the government will react to the judgment especially since it was trying to avoid a potentially dangerous scam when it cancelled its deal with Devas in This can be guaged from the fact that in Bharat Sanchar Nagar Limited and Mahanagar Telephone Nigam Limited were given only 20 Mhz each of spectrum in the S-band for wireless services by the government for a hefty price of Rs 8, crore.
CBI had on August 11 last year filed a chargesheet against the accused, alleging that they had caused a loss of Rs crore to the exchequer by abusing their official position to favour a private company.
Antrix-Devas case: Fifteen points to help you understand the deal
Special judge Santosh Snehi Mann passed the order after being told that the summons issued earlier could not be served to Muthgadahali Gangarudaraiah Chandrasekhar since he is now settled in the US. Rao, a former additional secretary in the Department of Space DoSon the ground that she had a meeting with the Karnataka chief minister.
Retrieved 13 December Of the total, Rs The charges were dropped afterwards as the accusation turned out to be false. A case was registered against the accused on March 16, Timeline of first orbital launches by country 1 Preceded by the Soviet space program.
A Delhi court has issued summons to a former director of Devas Multimedia Pvt. A further Rs The case relates to leasing of S-Band, a restricted wavelength of the INSAT satellites to deliver video, multimedia and information services to mobile receivers in vehicles zntrix mobile phones to Devas Multimedia by Antrix. Read more on Wavelength. Devas CEO Feb 10, There were lapses, but action demoralising, says space scientist to NDTV.
India will appeal against the verdict of the Hague tribunal in Antrix-Devas deal case, in which the international court had declared the annulling of the contract as “unfair” and “inequitable” and asked it to pay huge amount as compensation.
The scandal first came to light when inThe Hindu reported that there were some irregularities in the agreement between Antrix and Devas. West Indies beat Bangladesh by 50 runs. However, except three accused, the court granted bail to the rest who appeared before antfix, including A.
Your Reason has been Reported to the admin. Nair writes to PM’s office, demands fresh probe into Antrix-Devas deal. Retrieved from ” https: From putting China ties on even keel to getting crucial US waivers, Modi govt managed geopolitics with flair in Special Judge Santosh Snehi Mann granted bail to Nair on a personal bond of Rs50, and two sureties of the same amount.
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The Hague-based tribunal, which regularly takes cases involving states, including investment treaty claims brought under arbitration rules of the United Nations Commission on International Trade Law UNCITRALalso found that India breached its treaty commitments to accord fair and equitable treatment to Devas’s foreign investors.