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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 […]

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 […]

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. […]

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 […]

Devas Multimedia Launches DevasFacts.com

Setting the Record Straight on the Indian Government’s Expropriation of Devas Next Indian Court Hearing Set for July 8 Today, shareholders and investors of Devas Multimedia – who are currently owed over $1.5bn in compensation from the Indian Government – launch DevasFacts.com as an open and transparent information source about the Indian Government’s expropriation of Devas. The […]

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 […]

Modi Confesses: India’s Economic Outlook is Bad

After weeks of hubris, PM Modi finally admits that Covid’s economic impact on India will be “huge.” Well, they say admission is only half the battle. The cure may be a tougher pill to swallow, though. For starters, let’s look at the economic facts: The United Nations said the growth outlook for the Indian economy […]

ICYMI: Will the UK and India Agree to a Free Trade Deal?

Concerns are growing in London that Modi’s India may not be a reliable partner as the U.K. and India move closer to a free trade deal, writes Tim Worstall, a senior fellow at the Adam Smith Institute in London in City AM. Worstall writes that, “India is not a natural partner in free trade. 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 […]

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: 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 […]

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: India Shouldn’t Weaponize Its Judiciary

Secretary of Defense Lloyd Austin visited India this month to forge stronger security and economic ties between our two great nations. The visit was highly significant, because it came amid the most dangerous power dynamics we have seen in the Indo-Pacific region for a generation. China is no longer a growing or emerging threat, but poses […]