Know what is the Antrix-Dewas case! Sitharaman accuses UPA government of serious fraud
Highlights
- Dewas shareholders intensify efforts to seize Indian assets abroad to recover $1.29 billion
- Dewas was ordered by international arbitration tribunals to compensate this amount.
- Dewas ordered by French court to confiscate Indian properties in Paris
New Delhi. Finance Minister Nirmala Sitharaman on Tuesday accused the Congress-led erstwhile United Progressive Alliance (UPA) government of “fraudulent” and “condemnable” by giving Dewas Multimedia S-band spectrum to be used for national security purposes. ‘ done deal. He told a press conference that the government is now fighting in every court to save taxpayers’ money, otherwise the amount would have gone to pay for the arbitration award, which Dewas won by quashing the 2005 deal.
He said the Supreme Court on January 17 upheld the liquidation of Dewas Multimedia on the ground that it was carried out with fraudulent intent. His remarks come at a time when Dewas shareholders have stepped up efforts to confiscate Indian assets abroad to recover $1.29 billion. Dewas was ordered by international arbitration tribunals to compensate this amount.
Dewas has been ordered by a French court to confiscate Indian assets in Paris and the company is also seeking confiscation of Air India funds in Canada. Sitharaman said on the 2005 deal between Antrix and Dewas that it was a fraud with the people of the country, with the country. He said the S-band spectrum is used only for defense purposes, and was given away for a small amount of money.
The Finance Minister said that Dewas promised to fulfill those things on which he was not even entitled. Devas Multimedia signed an agreement in 2005 with Antrix, the commercial arm of the Indian Space Research Organization (ISRO), to provide multimedia services to mobile users using S-band satellite spectrum. The deal was canceled in 2011 on the grounds that the broadband spectrum auction was fraudulent and that the government needed S-band satellite spectrum for national security and other social purposes.
Thereafter, Dewas Multimedia initiated arbitration proceedings against the decision in the International Chambers of Commerce (ICC). Besides, two other arbitration proceedings were also initiated by the investors of Dewas. India lost in all three cases and was asked to pay a total of $1.29 billion to compensate for the loss. Sitharaman said her government is fighting in all courts to save taxpayers’ money.
