New Delhi, Jan 17,2022: The Supreme Court on Monday junked an appeal filed by Devas Multimedia challenging an order to wind up the company.
A bench comprising Justice Hemant Gupta and Justice V Ramasubramanian dismissed the appeal filed by Devas Multimedia Pvt Ltd.
The National Company Law Tribunal (NCLAT) had upheld the earlier order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on May 25, 2021 directed winding up of Devas Multimedia and appointed a provisional liquidator for the purpose.
The NCLT’s direction came over a petition filed by Antrix Corporation, the commercial arm of the Indian Space Research Organisation (ISRO).
The NCLT had said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
