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Set Aside of Devas Award Was Another Fraud by the Modi Government

Frantic Effort in 2020 to Pass “Devas Amendment” to Arbitration Law Results in a Fraudulent Set Aside by Delhi High Court Politics again trumped rule of law as the Delhi High Court in August unsurprisingly ruled to set aside Devas’ $1.3B international arbitration award on the bogus grounds of “patent illegality and fraud”. The ruling […]

Delhi’s Hollow Victory

The Modi government was quick to start last week with what they claimed was a “Big Win” over Devas. The Delhi High Court announced it had set aside the $1.3 billion arbitration award state-owned Antrix owes to Devas, claiming the international arbitral award is “tainted by fraud” and “contrary to the fundamental policy of the […]

ICYMI: Indian Journalist Details Modi Government’s Abuse of Law Enforcement, Courts as “Tools of Repression”; Strengthens Movement to Sanction Indian Officials for Targeting Americans

A scathing column by Indian journalist Debasish Roy Chowdhury published in the New York Times sheds yet more light on the repressive use of law enforcement agencies and courts as “tools of repression” by the government of Prime Minister Narendra Modi. Marking the 75th Anniversary of Independence from Britain, Chowdhury details how the Modi government […]

Magnitsky Petition Filed Against Modi Officials For Targeting Devas Co-Founder

This week, Law360 reported that Frontiers of Freedom, an American NGO dedicated to protecting the rights and freedoms of individuals and businesspersons across the globe, submitted a petition under the Global Magnitsky Human Rights Accountability Act “to enact serious sanctions against 11 Indian officials for alleged human rights abuses committed against” Devas co-founder Ramachandran Viswanathan. […]

ICYMI: Concern Growing in Washington Over Modi’s Autocratic Behavior

There appears to be growing concern out of Washington with Modi’s increasingly autocratic behavior. Writing this week in the International Business Times, Daniel Sepulveda, a former Obama official in the State Department, highlights that under Modi there has been a “noticeable decline in India’s rule of law & commitment to protecting human freedoms.” Amb. Sepulveda […]

U.S. Senator Grassley Writes Letter to U.S. Attorney General over Modi’s Abuse of MLAT, Red Notices; Highlights Modi’s Attack against Devas Founder

The Modi government’s abuse of the Mutual Legal Assistance Treaty in Criminal Matters between the U.S. and India, and of the Interpol Red Notice process, more broadly, is creating deep concern in Washington. This week, U.S. Senator Chuck Grassley wrote a letter to U.S. Attorney General Merrick Garland raising concerns that India (and other foreign […]

ICYMI: Financial Times Reveals Existence of Agreement to Settle Devas Dispute

Yesterday, the Financial Times reported that the Indian government called a secret meeting in February 2020 with representatives of Devas at a lavish Paris hotel to hash out an agreement to settle their long-running dispute over the unlawful cancellation of a contract in 2011. According to the Financial Times, Ajit Doval, National Security Advisor to […]

Desperation in Delhi: Modi Regime Seeks Extradition of Devas Founder

This week, the Hindu BusinessLine reported on the rising desperation inside the Modi regime as they attempt to evade paying the more than $1.5 billion owed to shareholders of Devas. The Indian government has now sought to declare Devas founder, Ramachandran Viswanathan, an “Economic Fugitive” in the bogus Prevention of Money Laundering Act case against […]

ICYMI: India’s “Thuggish Behavior” against Devas Escalates; Modi Government Seeks Red Notice to Arrest Founder

In an exclusive sit down with America’s Daily Caller, the founder of Devas Multimedia, Ramachandran Viswanathan, spoke out about the Modi government’s campaign of “lawless behavior” in their desperate effort to pressure Devas shareholders to end their global enforcement efforts. The interview revealed for the first time that the Indian government has sought a Red […]

Modi Government’s Transnational Repressions Exposed

Last week, the Washington Post highlighted a new Freedom House report, Defending Democracy in Exile, which focuses on increasingly aggressive cases of transnational repression by autocratic regimes looking to silence opponents. The Freedom House report details a stark increase in worldwide cases of transnational repression in 2021, with 85 new cases of “public, direct, physical […]

Devas Shareholders Seize $55 Million from Indian Government

Indian Government’s Scramble to Evade Payment Failing as Enforcement Actions Continue The following is a statement from Matthew D. McGill, Partner at Gibson, Dunn & Crutcher and Lead Counsel to Devas Shareholders, following the disclosure in Canadian court proceedings that Devas shareholders have $55 million of monies held by the International Air Transportation Association (IATA) […]

Seeing through Modi Government’s Disinformation about Devas 

A recent academic article authored by Prabhash Ranjan, Vice Dean of the Jindal Global Law School in Delhi, astutely observes the government’s many missteps in the Devas case, but misses the real lesson  –  that by demonizing genuine, credible and pioneering foreign investors, and by dishonestly using the country’s judicial and law enforcement powers against […]

India Withdraws from the International Airline Payment System

The Airports Authority of India (“AAI”) has announced its withdrawal from the international system for collection of overflight and landing fees. This withdrawal furthers AAI efforts to evade enforcement of the arbitration award against India held by Devas shareholders. The action was taken despite AAI’s formal assurances earlier this year to Canadian courts that the status […]

ICYMI: Devas Shareholders File New Arbitration Claim Against Indian Government

The Indian government has done everything in its power to prevent Devas from enforcing its $1.3bn ICC Award. It has amended its own arbitration laws, levied false allegations of fraud against Devas and then forced Devas into liquidation to avoid payment. As a result, Devas shareholders filed a new arbitration claim against India on Wednesday, […]

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 […]