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Devas Shareholders Respond to Indian Supreme Court Decision

Despite a scripted and predictable ruling from the Indian Supreme Court, Devas shareholders continue pursuit of Indian assets across the globe. Yesterday, the Indian Supreme court released a ruling on Devas shareholders’ appeal of the “winding-up” order handed down by the National Company Law Tribunal (NCLT) in May of 2021. The court’s ruling to uphold […]

ICYMI: Financial Times Details Devas Seizures in Canada; Lien on Paris Apartment

Today, the Financial Times covers two significant victories for Devas shareholders this week, in the effort to secure the $1.3 billion in arbitration judgements owed by India. On Saturday, a Canadian court upheld an order to allow Devas shareholders to garnish 50% of Air India revenues flowing to the International Air Transport Association (IATA), which […]

U.S.-India Trading Relationship and Importance of Protecting Investors

Next week, United States Trade Representative Katherine Tai and Deputy United States Trade Representative Sarah Bianchi will be in India to meet with their counterparts on expanding the bilateral trade relationship. The visit marks the resumption of the U.S.-India Trade Policy Forum (TPF), a dialogue established in 2005, which has not convened since 2017. Its […]

Statement from Jay Newman, Senior Advisor to Devas Shareholders, on India’s Falsehoods and Sham Investigations

The following is a statement from Jay Newman, Senior Advisor to Devas Shareholders, on India’s falsehoods and sham investigations: “The bogus fraud allegations against Devas reflect the depth of the government’s dishonesty. And the weakness of its institutions. Serious countries don’t corrupt their judiciary, traffic in falsehoods, and promote sham investigations — all to evade […]

Statement from Jay Newman, Senior Advisor to Devas Shareholders, on NCLAT Decision

The following is a statement from Jay Newman, Senior Advisor to Devas Shareholders, in response to the decision of the NCLAT to uphold the NCLT order: “Even a cursory examination of the NCLAT proceedings reveals them to be a sham, with the Indian government acting as judge, jury, and executioner to terminate the very existence […]

The Latest from Jay Newman, Senior Advisor to Devas Shareholders, on Reports of a Settlement between the Indian Government and Cairn Energy

Jay Newman, Senior Advisor to Devas Shareholders, on Tuesday reacted to reports Cairn Energy is close to settling its year’s long tax dispute with the Indian Government. On Twitter, Newman called the reports of a settlement “encouraging” and warned that the “Indian Government must pay all of its debts. Not ‘a few’, not ‘some’”. Devas […]

The Latest from Jay Newman, Senior Advisor to Devas Shareholders, on India’s Offer of Indemnity to Air India Bidders

Jay Newman, Senior Advisor to Devas Shareholders, on Wednesday reacted to news out of India that the government will absolve financial bidders of Air India from any liability that may arise from ongoing arbitration disputes, including those with Cairn Energy and Devas shareholders who also targeted Air India’s assets. On Twitter, Newman called the government’s move […]

The Latest from Jay Newman, Senior Advisor to Devas Shareholders, on India’s Retro Tax Policy

Jay Newman, Senior Advisor to Devas Shareholders, on Monday reacted to reports that the Indian government will require companies involved in retroactive tax disputes to “withdraw all claims petitions, appeals, and arbitration award enforcement efforts” in order to settle. For more, follow @JayNewman and @DevasFacts on Twitter.

Statement from Jay Newman, senior advisor to Devas Shareholders, Following Indian Government Introducing New Tax Law

The following is a statement from Jay Newman, senior advisor to Devas Shareholders, in response to reports that the Indian government has introduced legislation to withdraw retrospective tax demands, like those which led to arbitration awards in the Cairn and Vodafone cases: “The reports of the legislation, if true, are an encouraging sign that India […]

Failure to Pay International Judgements Becoming Political Headache for Modi Government

Is the failure to pay international legal judgements, or in some cases, outright evasion, becoming a bigger headache for the Modi government than originally planned? Members of the Lok Sabha, India’s lower house of Parliament, are now questioning Modi government ministers about Devas, Cairn/Vodafone amongst others. Shri G.S. Basavaraj – a member of Modi’s ruling […]

Blinken Goes to India

New Report from U.S. State Hammers another Nail into India’s Investment Reputation This week,U.S. Secretary of State Tony Blinken will be in India where he’ll meet with Prime Minister Narendra Modi and Foreign Minister Dr. S. Jaishankar. The timing of his trip is not coincidental. Wendy Sherman, the no. 2 U.S. diplomat is in Beijing. […]

ICYMI: Devas Shareholders Make Move in London Courts to Safeguard Award from Expropriation by Indian Government

Last week, the Economic Times and Law360 reported that the English Commercial Court in London has ruled that shareholders of Devas Multimedia should be allowed to join ongoing efforts to enforce a $1.3 billion arbitral award against the Indian government. In his judgment granting the shareholders the right to join as parties, Mr Justice Waksman noted, […]

ICYMI: Indian Government: Air India is Not our Alter Ego, but Talk to Us if You’d Like To Buy It

Like the puppeteer feigning invisibility, the Indian Government is contradicting itself with public statements around Air India. In efforts to defend against legal actions filed by shareholders and investors of Devas Multimedia, the government desperately attempts to distance itself from the national carrier and claims it is not an ‘alter ego’. Yet at the same […]

ICYMI: Indian Government Faces Scorn at Home and Abroad on Cairn, Devas

“Arrogance” in Evading Arbitration Payments; “Problems May Have Only Just Started” A French court last week accepted a petition from Cairn Energy that Indian state-owned assets in Paris worth over $24 million be frozen as part of the effort to pay the over $1 billion arbitration award owed to the company by the Indian Government. […]

Devas: On the Path to Expropriation

Today, the National Company Law Appeals Tribunal (NCLAT) will hear an appeal from Devas Multimedia and its shareholders seeking to overturn the unfounded decision of its subordinate tribunal, the NCLT, to wind up Devas. The hearing comes soon after shareholders and investors of Devas Multimedia filed action in the U.S. District Court for Southern District […]

Air India Targeted by Devas Shareholders for Enforcement of Arbitration Awards Against India

Filing in U.S. District Court for the Southern District of New York Follows Similar Action by Cairn Energy Devas Promises to Pursue Action against India “in Courts Around the World” June 28, 2021 – Today, shareholders and investors of Devas Multimedia have filed action in the U.S. District Court for Southern District of New York […]

Govt must respect contracts, arbitral awards | Financial Express

It is unfortunate India has rejected an offer from Mauritius-based investors of Devas Multimedia Pvt Ltd to settle a dispute over a terminated satellite lease deal between Devas and Antrix Corporation, the commercial arm of Isro. Indeed, the matter, which has dragged on for nearly a decade, is becoming increasingly mired in litigation. Last Tuesday, […]

India snubs Devas’ offer for settlement of arbitration row | Mint

Antrix is pursuing multiple cases to set aside the arbitration award and to get its former partner, Devas, liquidated India has given the cold shoulder to an offer by three Mauritius-based investors of Devas Multimedia Pvt. Ltd to settle their dispute over a cancelled satellite lease deal and the subsequent $1.3 billion international arbitration award they have […]

ICYMI – Tory MPs Urge Hard Line against India’s Attack on Private Investors ahead of G7

Pressure is growing on Prime Minister Boris Johnson to take a harder line against India’s attack on private investors when he meets with Prime Minister Modi at the G7 reports the Financial Times. Tory MPs, led by James Daly and Paul Britow have urged PM Johnson to address India’s “piratical” attitude towards foreign investors warning […]

Statement from Devas Shareholders on National Company Law Tribunal Decision

Modi’s Kangaroo Court Sanctions Illegal Theft of Devas in Show Trial Decision Claims Devas Will “Abuse the Process of Law” By Enforcing Its Own ICC Arbitration Award May 25, 2021 – Following the decision by the National Company Law Tribunal to forcibly liquidate and sanction the illegal theft of Devas Multimedia Private Ltd. from its […]

Devas Investors Launch New Advertising Campaign in Washington

Campaign Highlights Modi Government’s Danger to Investors; Coincides with Foreign Minister S. Jaishankar’s Visit to Washington May 25, 2021 – Today, the website Devas Facts, a campaign established by American-owned and operated Devas Multimedia and its shareholders, announced a paid media campaign to draw attention to the Modi regime’s record of violating human rights, trampling […]

ICYMI: Mint, Indian Media Highlight Devas Dispute and its Willingness to Reach Acceptable Solution with India

Recently, the Mint and The News Minute profiled the ongoing dispute between Devas Multimedia and the Indian government following a letter written by to the Prime Minister’s Office and the Ministries of Law and Justice, Home and External Affairs noting “The investors prefer to resolve this dispute amicably.” As reported by the Mint, “If the […]

India’s Sovereign Rating Outlook ‘Hanging by a Thread’

A new analysis from Reuters exposes a brutal reality, “India’s devastating COVID-19 crisis is making investors question more than ever whether after years of debt accumulation and patchy progress on reforms, a country touted as a future economic superpower still deserves its ‘investment grade’ status.” Reuters is not the only voice questioning India’s sovereign rating. […]

ICYMI: Billions in Arbitration Claims Circling Modi’s India

International investors Cairn Energy and Devas Multimedia are circling PM Narendra Modi’s India, which has taken brazen actions to evade international arbitration judgments totalling more than $2.4 billion, according to India’s leading business daily, Mint. “Winners of international arbitration awards are circling the assets of the Indian government to recover at least $2.4 billion as […]

ICYMI: Modi Schemes Unravelling – Cairn Moves to Seize Air India Planes

Cairn Energy announced it is proceeding to enforce its more than $1.2 billion arbitration award against the Indian government in a complaint filed before the U.S. District Court of Southern District of New York by seizing joint control of Air India. The move comes days after shareholders in Devas Multimedia threatened new arbitration proceedings against […]

ICYMI: Investing in Modi’s India is a Huge Risk, Says British Experts

Around the world, experts, academics and researchers arrive at the same conclusion: Prime Minister Narendra Modi’s India has become an unsafe place to invest. A recent report by the London-based Institute for Economic Affairs (IEA), explores the challenges of doing business in Modi’s India, including the negative direction on property rights and investor protections writing, […]

ICYMI: Devas Threatens New Arbitration Claim Against Modi’s India

In response to an unlawful campaign by the Indian government to block the enforcement of multiple arbitration awards, Devas has written to PM Narendra Modi, Home Affairs Minister Amit Shah and Law and Justice Minister Shri Ravi Shankar Prasad. Devas’ letter raises the possibility of a new arbitration claim against the Indian government and its […]

ICYMI: Former Head of British Chambers of Commerce Highlights Risk of Doing Business in Modi’s India

The decline of the rule of law in India under PM Narendra Modi, and the rise in risks for investors, is becoming more and more widely known. This week, former UK Conservative Member of the European Parliament and Director-General of the British Chambers of Commerce, John Longworth, writes in the Daily Telegraph about the risks […]

News Article: Deutsche Telekom petitions US court to enforce $1.2 billion arbitration award against Antrix

Deutsche Telekom has petitioned a US court asking it to enforce a $1.2 billion compensation award against Antrix Corp, the commercial arm of India’s space agency, for cancelling a satellite contract with Devas Multimedia, in which the German telecom company is a strategic shareholder. Deutsche Telekom has sought that India pay its share of $135 […]

Statement from Devas Shareholders on Karnataka High Court Decision

Indian Court Refuses to Stop Modi Government’s Illegal Theft of Devas to Evade Paying Arbitration AwardApril 28, 2021 – Following today’s decision before the High Court of Karnataka that refused to stop the illegal theft of Devas Multimedia Private Ltd. from its shareholders, Matthew D. McGill of Gibson Dunn & Crutcher LLP, lead counsel for […]

India’s Costly Satellite Problem

Sixteen years ago, Devas Multimedia Pvt Ltd entered into an agreement with the Indian Space Research Organization (ISRO) and the commercial arm of the space agency, Antrix, to build out a hybrid satellite and terrestrial communications service throughout India. Fulfilling all of its contractual obligations, Devas scaled up – both financially and technically, with world-leading […]

Opinion Editorial: A post-Brexit trade deal with India can be the jewel in Boris Johnson’s crown

It is unlikely that the prime minister will look back on the past 12 months with much fondness, but he would be justified in feeling a degree of satisfaction. After an uncertain start to handling the pandemic, his government is basking in the glow of a successful vaccination programme. The easing of lockdown is proceeding absurdly slowly, […]

Opinion Editorial: India’s Arbitration Cases And The Rule Of Law – Vodafone, Cairn, Devas

Devas Multimedia isn’t a quoted company so what’s happening to it has no direct impact on anything we might be doing as investors. However, what the government of India is doing to Devas is a good indication of how they’re going to try to play the conflicts between what the government of India desires to […]

Opinion Editorial: India’s Hostility To Foreign Investment Threatens Long-Term Growth

The path for a developing country to achieve sustained, elevated economic growth isn’t complicated: It requires a stable monetary base; a restrained tax code; easy-to-follow rules governing the ownership of private property; and a court system that fairly adjudicates the laws governing contracts that gives no undue preference to the narrow interests of the government […]

Opinion Editorial: Boris Johnson’s visit to India will put his trade principles to the test

It was 245 years ago that Adam Smith told us of “peace, easy taxes and the tolerable administration of justice” as the path to the wealth of a nation. It is to Boris Johnson’s credit that the government now seeks to support the last of these principles in our foreign policy, as well as at […]

Opinion Editorial: India, the world’s largest democracy, is now powered by a cult of personality

Is there a cult of personality in the democratic world to rival Narendra Modi’s? Consider the pageantry of veneration consecrated to the Indian prime minister just last month. On Feb. 24, the world’s largest cricket stadium — built at a cost of more than $100 million and bearing the name of one of India’s most […]