SC Upholds NCLAT's Order on Winding Up of Devas Multimedia
IANS 17 January 2022
In a setback to Devas Multimedia, the Supreme Court on Monday upheld the National Company Law Appellate Tribunal (NCLAT), which in September last year dismissed a petition filed by Devas Multimedia against the order of the national company law tribunal (NCLT) to wind up the company.
 
The NCLT's direction had come on a petition filed by Antrix Corporation, the commercial arm of the Indian Space Research Organisation (ISRO). Devas Multimedia has been fighting a decade-long legal battle against Antrix.
 
Today, a bench comprising justices Hemant Gupta and V Ramasubramanian dismissed the plea filed by Devas Multimedia challenging the NCLAT order. The detailed judgement will be uploaded on the top court's website later in the day.
 
The Bengaluru bench of NCLT, on 25th May last year, directed winding up of Devas Multimedia and appointed a provisional liquidator for the purpose. NCLAT upheld this order saying that it has come to a conclusion that the company's appeal is not maintainable in law. NCLAT further added that the agreement by Devas  Multimedia with Antrix was "through fraud, misrepresentation or suppression."
 
NCLT had noted that Devas was incorporated with a fraudulent motive to collude with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005. The Central government later cancelled the agreement. Devas Multimedia was incorporated on 17 December 2004.
 
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Comments
saharaaj
4 months ago
Good boost to Future group
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