Foreign investors in Devas Multimedia set sights on Air India assets in US

Sunday, 16 January 2022Newsdesk

A January 8 order of a Superior Court in the Quebec region of Canada – identifying India’s public aircraft carrier Air India as an alter ego of the government of India – has been cited by investors in the startup firm Devas Multimedia to seek seizures of Air India assets in the United States to recover $111 million compensation over a failed 2005 deal with the Indian Space Research Organisation’s (ISRO) commercial arm Antrix Corporation.

New Delhi, 16 January 2022

As per news report of The Indian Express, in a January 13 letter to the judge of a US federal court for the southern district of New York, on behalf of three foreign investors in Devas Multimedia – CC/Devas Mauritius, Telcom Devas Mauritius, and Devas Employees Mauritius Pvt Ltd – a legal representative, Mathew D Mcgill, has cited the January 8 order of the Canada court to seek seizure of Air India assets in the US. The three Mauritius-based investors are attempting to recover compensation awarded to them by an international tribunal over the cancellation of a 2005 satellite deal between Devas Multimedia and the Antrix Corp by the Indian government in 2011.

Source - The Indian Express