The Permanent Court of Arbitration (PCS) ruled against the Indian government at Hague over the cancellation of a contract between Devas Multimedia and Antrix – the commercial arm of Indian Space and Research Organisation (ISRO), on Tuesday.
This second ruling in favour of Devas by the PCA, arising from the cancellation of the Devas-Antrix contract, could cost the Indian government a lot of money in damages, Bloombergquint reported.
In 2015, an International Chamber of Commerce (ICC) tribunal had found the cancellation of the contract unlawful and awarded Devas damages “and pre-award interest to the tune of $672 million, plus post-award annual interest accruing at 18 percent until the award was paid in full.”
In a telephonic interview, Ramachandran Viswanathan – the President and CEO of Devas Multimedia told the Bloombergquint:
This most recent arbitration is with respect to our Mauritian shareholders, whose owners Columbia Capital and Telecom Ventures have concluded the first phase of the arbitration at Hague in the PCA. We were very pleased to see the award in their favour as well.
Read the full report on Bloombergquint.
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