November 11, 2020
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 & […]