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SC to put stay on International Award asking ISRO Arm Antrix to compensate Devas.

6th November, 2020

SC to put stay on International Award asking ISRO Arm Antrix to compensate Devas.

The Supreme Court with a bench of Chief Justice SA Bobde, Justice AS Bopanna and V. Ramasubramanium has put on hold an International Award which had directed Antrix Corporation, to pay compensation of USD 1.2 billion to Bengaluru based start-up “Devas Multimedia" for cancelling a satellite deal of 2005.
As per agreements executed between the two companies, in January 2005, Antrix had agreed to build, launch and operate two satellites as well as to make available, 70 MHz of S- band spectrum to Devas, which the latter planned to use for hybrid satellite and terrestrial communication services throughout India.
The issue noted by the top court was whether the application under section 34 of the act should be heated by the court at Delhi or the court at Bangalore. Later the court held that it considered it highly iniquitous to permit Devas Multimedia Ltd.
To go ahead with execution without the objections it had filed under section 34 of the act of the award. And also the court noted that Devas Multimedia shall be entitled to seek a deposit of the sim awarded or a part thereof before Delhi HC.

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