US court fined ISRO, B’luru company to pay $ 1.2 billion

New Delhi: A US court has ordered ISRO’s commercial arm Antrix Corporation to pay $ 1.2 billion in compensation to Bengaluru-based startup Devas Multimedia for canceling the 2005 satellite deal. As per the agreement, Antrix agreed to build and operate two satellites and provide space band spectrum, using which Dewas would provide communication services in India.

As per the agreement reached in January 2005, Antrix agreed to manufacture, launch and operate two satellites and to provide 70-MHz spectrum to Dewas, which was later to offer hybrid satellite and terrestrial communication services across India.

The agreement was terminated by Antrix in February 2011. Over the next several years, the Devas approached India in various legal ways. This included the Supreme Court, which directed for an tribunal.

In its order dated 27 October, Judge Thomas S. Zilli, US District Judge, Western District of Washington, Seattle ruled that Antrix Corporation was awarded compensation of USD 562.5 million to Devas Multimedia Corporation and a related interest rate totaling USD1.2 billion. Will have to be paid.

In his suit filed in the US District Court, Dewas Multimedia stated that 3 different international tribunals and 9 different arbitrators found the termination of the Devas-Antrix agreement to be wrong, with one tribunal judging it as ‘conduct’ Described by a sense of ownership, which is shaking and is considered by India to be a ‘clear violation of simple goodwill’. (With agency input)

Also read in Hindi: US कोर्ट ने ISRO पर लगाया जुर्माना, बेंगलुरू कंपनी को $1.2 बिलियन का करना होगा भुगतान

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