19-April-2024
Corporate News
 
SC upholds winding up of Devas Multimedia
19-Jan-2022

The Supreme Court on Monday upheld the National Company Law Tribunal’s May 2021 order to wind up Bengaluru-based Devas Multimedia, which has over the last one and half decade been embroiled in a controversy over its 2005 agreement with ISRO’s commercial arm Antrix Corporation, which was later found to be fraudulent. Even as the criminal aspects of the case are yet to be decided legally and Devas is equipped with international arbitral awards against Antrix, the apex court held that, “if the seeds of the commercial relationship between Antrix and Devas were a product of fraud perpetrated by Devas, every part of the plant that grew out of those seeds, such as the agreement, the disputes, arbitral awards etc., are all infected with the poison of fraud. A product of fraud is in conflict with the public policy of any country including India.”

News Source:- https://www.financialexpress.com/industry/sc-upholds-winding-up-of-devas-multimedia/2409040/