Devas Multimedia

Devas Multimedia has seized USD 87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday.

Unfazed by Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of overseas Indian assets

Government will oppose the international award given to Devas Multimedia Limited after the Supreme Court upheld NCLAT's order to wind up the company

The Supreme Court on Monday dismissed an appeal filed by Devas Multimedia challenging a court order to wind up the company. A day later, Finance Minister Nirmala Sitharaman said a 2005 deal between Devas and Antrix Corporation was a proven fraud.

The Supreme Court on Monday upheld the winding up of Devas Multimedia saying," it is a case of fraud of a huge magnitude which cannot be brushed under the carpet, as a private lis".

A US court has asked Antrix Corporation, the commercial arm of ISRO, to pay compensation of USD 1.2 billion to a Bengaluru-based startup, Devas Multimedia, for cancelling a satellite deal in 2005.

The Enforcement Directorate imposed a Rs 1,585 crore penalty on satellite services provider Devas Multimedia Ltd, its directors and foreign investors for illegal foreign investment of Rs 579 crore against the Foreign Exchange Management Act 1999

A Delhi court has issued summons to a former director of Devas Multimedia Pvt. Ltd. in the Antrix-Devas deal case that had allegedly caused a loss of Rs 578 crore to the exchequer.

Assets worth over Rs 79 crore, belonging to Devas Multimedia Private Limited, has been attached by the Enforcement Directorate in connection with its money laundering probe in the Antrix-Devas deal.

Devas Multimedia had pocketed the deal with Antrix within a month of its inception on the basis of an allegedly false claim that it has IPR of a new technology for delivering multimedia content which saw its share price skyrocket 12,5000 times, according to CBI.

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. Today's verdict from the International Tribunal at the Hague could further the perception of India as an unreliable recipient of foreign investment, one who is prone to abrupt policy changes.

India will launch an advanced communications satellite (GSAT-6) in July or August for strategic applications, its space agency chief said today.

The Central Bureau of Investigation (CBI) today carried out searches after registering a case to probe an alleged Rs 578-crore "wrongful" gain to a private multi-media company Devas by Antrix, the commercial arm of Indian Space Research Organisation or ISRO.

"It earned Rs 19 crore in two days. It was made on a budget of about Rs 75 crore and considering that, the film should've done better. Those who like Prabhu Deva kind of films have mostly gone for it, but not everyone," Rajesh Thadani of Multimedia Combines said

The government has refused to budge from its decision to blacklist one of India's most eminent scientists, G Madhavan Nair, from government jobs. When Mr Nair was Chairman of the Indian Space Research Organisation or ISRO, a deal was signed with a company named Devas that would have cost the government huge losses.

Devas Multimedia has seized USD 87,457.47 cash that ISRO's commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday.

Unfazed by Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of overseas Indian assets

Government will oppose the international award given to Devas Multimedia Limited after the Supreme Court upheld NCLAT's order to wind up the company

The Supreme Court on Monday dismissed an appeal filed by Devas Multimedia challenging a court order to wind up the company. A day later, Finance Minister Nirmala Sitharaman said a 2005 deal between Devas and Antrix Corporation was a proven fraud.

The Supreme Court on Monday upheld the winding up of Devas Multimedia saying," it is a case of fraud of a huge magnitude which cannot be brushed under the carpet, as a private lis".

A US court has asked Antrix Corporation, the commercial arm of ISRO, to pay compensation of USD 1.2 billion to a Bengaluru-based startup, Devas Multimedia, for cancelling a satellite deal in 2005.

The Enforcement Directorate imposed a Rs 1,585 crore penalty on satellite services provider Devas Multimedia Ltd, its directors and foreign investors for illegal foreign investment of Rs 579 crore against the Foreign Exchange Management Act 1999

A Delhi court has issued summons to a former director of Devas Multimedia Pvt. Ltd. in the Antrix-Devas deal case that had allegedly caused a loss of Rs 578 crore to the exchequer.

Assets worth over Rs 79 crore, belonging to Devas Multimedia Private Limited, has been attached by the Enforcement Directorate in connection with its money laundering probe in the Antrix-Devas deal.

Devas Multimedia had pocketed the deal with Antrix within a month of its inception on the basis of an allegedly false claim that it has IPR of a new technology for delivering multimedia content which saw its share price skyrocket 12,5000 times, according to CBI.

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. Today's verdict from the International Tribunal at the Hague could further the perception of India as an unreliable recipient of foreign investment, one who is prone to abrupt policy changes.

India will launch an advanced communications satellite (GSAT-6) in July or August for strategic applications, its space agency chief said today.

The Central Bureau of Investigation (CBI) today carried out searches after registering a case to probe an alleged Rs 578-crore "wrongful" gain to a private multi-media company Devas by Antrix, the commercial arm of Indian Space Research Organisation or ISRO.

"It earned Rs 19 crore in two days. It was made on a budget of about Rs 75 crore and considering that, the film should've done better. Those who like Prabhu Deva kind of films have mostly gone for it, but not everyone," Rajesh Thadani of Multimedia Combines said

The government has refused to budge from its decision to blacklist one of India's most eminent scientists, G Madhavan Nair, from government jobs. When Mr Nair was Chairman of the Indian Space Research Organisation or ISRO, a deal was signed with a company named Devas that would have cost the government huge losses.