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Antrix deal: NCLT orders winding up of Devas Multimedia for indulging in fraud

Business Line  

The Bengaluru Bench of the National Company Law Tribunal (NCLT) has ordered the liquidation of Devas Multimedia Pvt Ltd while declaring that the company was incorporated in a fraudulent manner to carry out unlawful purposes. The order also stated that its management is continuing to resort to fraudulent activities in relation to its 2005 controversial contract to get bandwidth from Antrix Corporation, ISRO's commercial arm. The NCLT has directed the Official Liquidator (OL) to take expeditious steps to liquidate the company in order to prevent it from perpetuating its fraudulent activities and abusing the process of law in enforcing the award passed in 2015 by the arbitration tribunal of the International Chamber of Commerce (ICC), and submit a report by July 7.