Devas-Antrix deal: Tribunal rules against Indian govt

[ashok321]

BENGALURU: An international tribunal has ruled that the Indian government had acted "unfairly" and "inequitably" in annulling a contract between city-based multimedia firm Devas and ISRO's commercial armAntrix, making it liable to pay financial compensation.

A Permanent Court of Arbitration (PCA) tribunal based in the Hague has found that the Indian government's actions in annulling the contract and denying Devas commercial use of S-band spectrum constituted an expropriation, Devas Multimedia Private Ltd. said here.

In its ruling yesterday, the PCA tribunal also found that India breached its treaty commitments to accord fair and equitable treatment to Devas's foreign investors, the company said in a statement here.

The PCA regularly administers cases involving states, including investment treaty claims brought under arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).

ISRO officials here said they were yet to get details of the development.

The ruling is the second by an international tribunal arising out of the cancellation of the Devas-Antrix contract.

The unanimous decision included the arbitrator appointed to the tribunal by India, Devas said.

In September 2015, in a jolt to Antrix, the International Chamber of Commerce's (ICC) arbitration body International Court of Arbitration had asked it to pay damages worth $ 672 million (Rs 4,432 crore then) to Devas Multimedia for "unlawfully" terminating the deal five years ago on grounds of national security.

The Tribunal then had noted that Antrix had no legal justification to terminate the agreement and that Dr K R Radhakrishnan, who at the time of annulment, was Secretary, Department of Space and Chairman of ISRO, Antrix and the Space Commission, could have prevented the Cabinet Committee on Security (CCS) from approving the annulment.

CCS had annulled the deal based on the recommendation of the Space Commission on the ground that it was not in the security interests of the country.

Interesting time ahead!

http://economictimes.indiatimes.com...st-indian-government/articleshow/53395539.cms

 

[ashok321]

PCA = UNCLOS = China

vs

PCA = UNCITRAL = India

Modi can not wash his hands by blaming it on Congress here/
Cough up or fook up type situation here for India!
Lol

Long live Indian corruption:

Modi or no Modi!

The amount of damages has escalated up from $ 672 million to 1 billion = The Gambia GDP

 

[Assault Rifle]

So either Indian government will have to reject the arbitration or agree to Devas's demand and pay them $672 million over a 7 year period i.e. $96 million per year.

@ashok321 India Today is wrong, the amount of damages will never cross $672 million as Devas itself has stated in it's legal application that it's suing Indian government for a figure of up to $672 million in damages.

BTW 67% of Devas shares are held by Indian nationals and the company is headed by a former ISRO Scientist.

 

[ashok321]

@ashok321 India Today is wrong, the amount of damages will never cross $672 million.

CNN-News18 goes up to 1 billion.

The Wire:

cancellation of a contract between telecommunications firm Devas Multimedia and Antrix Corporation Ltd., in a decision that could cost the Centre billions of dollars in damages.

Firstpost:

Centre may face $1 bn fine after losing Antrix-Devas arbitration case at The Hague

Defend yourself!

 

[Assault Rifle]

^ All of them are wrong because I have seen the legal application documents and the damages paid cannot cross $672 million under any circumstances.

 

[Stephen Cohen]

All of them are wrong because I have seen the legal application documents and the damages paid cannot cross $672 million under any circumstances.

Devas is an Indian copmpany

It is facing a criminal case and is under Enforcement Directorate Investigation

This case is not new ; such a ruling was made earlier a few months back

Indian Government WILL NOT pay a penny
-------------------------------------------------------------------------------------------------------------------------
@ashok321 this case has its origins during UPA government

They started this deal ; then when the corruption aspect was exposed
CANCELLED the contract hurriedly

So the foreign investors took India to court

But still India can refuse to pay anything on the grounds that
national security was endangered by this deal --hence it was terminated
and also Forex laws were violated -- thus the ED case

 

[PARIKRAMA]

Modi can not wash his hands by blaming it on Congress here/
Cough up or fook up type situation here for India!
Lol

How does the loss in Permanent Court of Arbitration a fault of NDA or PM Narendra Modi?

Pls refer here:
http://indianexpress.com/article/explained/antrix-devas-the-story-of-a-rs-4400-cr-fiasco-at-isro/

and i quote
The Termination
The agreement became publicly known in June 2010 when it was reported that ISRO had appointed a one-man internal committee to have a re-look. By that time, K Radhakrishnan had taken over as chairman of ISRO following the retirement of G Madhavan Nair in October 2009. Nair was chairman in 2005, when the agreement was signed.

The first whiff of scandal came in February 2011, when The Hindu reported the findings of a draft audit report that had pointed out serious irregularities in the agreement, including financial mismanagement, conflict of interest, non-compliance of rules, and favouritism. With the 2G spectrum scam still unfolding, the Devas agreement, involving a different kind of spectrum, became yet another corruption talking point.

ISRO, meanwhile, had decided to annul the agreement, the matter having been discussed at a meeting of the Space Commission in July 2010. The announcement of termination, however, was made a day after the CAG draft report came to light.

Radhakrishnan said the agreement was cancelled because the S-band, a scarce resource, was needed for larger “national and strategic” purposes. An ISRO note later said circumstances had undergone a “sea change” since 2005, and in subsequent years the demand for S-band spectrum had grown manifold.

CASE FILE
2005
Jan 28: Antrix, Devas sign deal

2009
Oct: Space Commission approves G-SAT6A; K Radhakrishnan takes over as ISRO chairman
Dec 8: ISRO constitutes BN Suresh committee to review agreement

2010
June 6: Suresh committee submits report
July 2: Space Commission recommends termination of deal

2011
Feb, May: Government sets up B K Chaturvedi and Pratyush Sinha committees
Sep 2: Chaturvedi committee submits report

2012
Jan 13: Madhavan Nair, 3 others, barred from government jobs
Feb 23: Delhi HC tells govt not to take ‘coercive steps’ against Devas

2013
June: Arbitration begins; Devas claims $ 1.6 billion in damages

2015
Sept 29: Arbitration panel asks ISRO to pay Devas Rs 4,400 crore

+++
Now how it is connected with NDA when they came to power much later after cancellation..

PM NaMo or government has to either agree to the tribunal or if there is a scope of appeal it will do so via correct channels..

In fact when we abide by the tribunal it is our loss that the contract was wrongly terminated and it is we whose budget will see a non planned expense of $96 Mn this year and going forward every year for 6 more years.

with all due respect trying to score brownie points based on political lineage or supporting is pretty childish..

dont make every deal/event/news NDA vs UPA vs AAP vs others.

 

[ashok321]

How does the loss in Permanent Court of Arbitration a fault of NDA or PM Narendra Modi?
.

Modi as the PM of India is responsible to honor this arbitration and part away with billion dollar, which tantamount to hefty loss.

Please note: Bhakts are shifting all the blame to Congress every time.

 

[kaykay]

Alas!! Present govt will have to pay for previous govt's fault.

 

[ashok321]

Alas!! Present govt will have to pay for previous govt's fault.

Unless India wants IMF/WB to screw it.
It will happen.
Modi would repay what MMS borrowed.

Modi can do this Nautanki in India, not Internationally.

^ All of them are wrong because I have seen the legal application documents and the damages paid cannot cross $672 million under any circumstances.

I have a calculator in my hand, yet, I do not know what percentage of my mind would be inclined to extend the benefit of doubt on above color coded message of yours.

If you can prove that you have physically seen those documents, then I would prove to you that I am a Harvard educated top attorney charging 1200 USD per hour.

 

[Stephen Cohen]

Unless India wants IMF/WB to screw it.
It will happen.
Modi would repay what MMS borrowed.

Modi can do this Nautanki in India, not Internationally.



I have a calculator in my hand, yet, I do not know what percentage of my mind would be inclined to extend the benefit of doubt on above color coded message of yours.

If you can prove that you have physically seen those documents, then I would prove to you that I am a Harvard educated top attorney charging 1200 USD per hour.

So far there is no news that Indian government is facing any such threat or demand to pay

The government knows more about such cases than you

They will not pay

 

[ashok321]

So far there is no news that Indian government is facing any such threat or demand to pay

The government knows more about such cases than you

They will not pay

I am sure You & PM have a 24/7

 

[911]

BENGALURU: An international tribunal has ruled that the Indian government had acted "unfairly" and "inequitably" in annulling a contract between city-based multimedia firm Devas and ISRO's commercial armAntrix, making it liable to pay financial compensation.

A Permanent Court of Arbitration (PCA) tribunal based in the Hague has found that the Indian government's actions in annulling the contract and denying Devas commercial use of S-band spectrum constituted an expropriation, Devas Multimedia Private Ltd. said here.

In its ruling yesterday, the PCA tribunal also found that India breached its treaty commitments to accord fair and equitable treatment to Devas's foreign investors, the company said in a statement here.

The PCA regularly administers cases involving states, including investment treaty claims brought under arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL).

ISRO officials here said they were yet to get details of the development.

The ruling is the second by an international tribunal arising out of the cancellation of the Devas-Antrix contract.

The unanimous decision included the arbitrator appointed to the tribunal by India, Devas said.

In September 2015, in a jolt to Antrix, the International Chamber of Commerce's (ICC) arbitration body International Court of Arbitration had asked it to pay damages worth $ 672 million (Rs 4,432 crore then) to Devas Multimedia for "unlawfully" terminating the deal five years ago on grounds of national security.

The Tribunal then had noted that Antrix had no legal justification to terminate the agreement and that Dr K R Radhakrishnan, who at the time of annulment, was Secretary, Department of Space and Chairman of ISRO, Antrix and the Space Commission, could have prevented the Cabinet Committee on Security (CCS) from approving the annulment.

CCS had annulled the deal based on the recommendation of the Space Commission on the ground that it was not in the security interests of the country.

Interesting time ahead!

http://economictimes.indiatimes.com...st-indian-government/articleshow/53395539.cms

Article clearly says deal was canceled 5 years ago before the year Antrix was asked to pay the damages in 2015 and when Radhakrishanan was ISRO's chairman (he left in 2014). This was done in UPA tenure. Not saying it was good or bad decision as i don't know about it and it was done on security reasons but clearly your hate for BJP and Modi is blind and it won't take you anywhere. You should read the articles thoroughly before creating a thread out of it just to come out as a fool.

 

[ashok321]

Article clearly says deal was canceled 5 years ago. You should read the articles thoroughly before creating a thread out of it

And the article clearly says there is no input from @ashok321
The article stands on its own legs.

You should read the articles thoroughly before creating a fuss.
Will ship you the wisdom tooth free of charge, you pay the postage only.
Thats the best I can do in your case.

 

[911]

And the article clearly says there is no input from @ashok321
The article stands on its own legs.

You should read the articles thoroughly before creating a fuss.
Will ship you the wisdom tooth free of charge, you pay the postage only.
Thats the best I can do in your case.

Let me complete.

You should read the articles thoroughly before creating a thread out of it (for scoring points) just to come out as a fool.

Ps. read #2.

But this surely tells that haters like you can go to any extent, even malign India if needed.