NEW DELHI- India's government will oppose international award granted to the Bengaluru-based Devas Multimedia Ltd, after the country's Supreme Court upheld the National Company Law Appellate Tribunal's (NCLAT) order to wind up the company.
The government will oppose the international award to Devas after the Supreme Court decision, and the process of company liquidation would soon start, India's finance minister, Nirmala Sitharaman, told reporters on Tuesday.
Under a 2005 agreement, Antrix, the commercial arm of the Indian Space Research Organisaton, had agreed to build, launch and operate two satellites and lease out 90% of the satellite transponder capacity to Devas.
However, the Congress-led government cancelled the deal in 2011, but Devas challenged the decision and was awarded 150 billion rupees ($2 billion).
($1 = 74.5910 Indian rupees)
(Reporting by Manoj Kumar and Aftab Ahmed, Editing by Louise Heavens) ((firstname.lastname@example.org; +91(11) 49548029;))