On November 4, 2020, the Apex Court stayed the execution of an arbitral award that required the Indian Space Research Organisation’s commercial arm, Antrix Corporation, to pay compensation of about $1.2 billion to a Bengaluru-based startup, Devas Multimedia Private Limited, over cancelling of a 2005 agreement. A Federal Court in Washington had ordered execution of the award dated Sept 14, 2015, in favour of Devas Multimedia & asked the Govt of India entity to deposit the compensation with 18 per cent annual interest that worked out to $1.2 billion. Antrix terminated the deal in Feb 2011. The dispute between Antrix & […]