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 the NCLT order was pre-scripted and entirely predictable. It fits the pattern of manufactured allegations and sham proceedings that have been levied against Devas by the Modi government for several months.
Courts around the world are already allowing Devas shareholders to seize Indian assets. The Indian government will no doubt attempt to use the NCLT order in those overseas proceedings. They should be prepared for disappointment: this ruling will be seen for what it is, another desperate attempt to evade responsibility. Devas shareholders will continue the pursuit of Indian assets across the globe and will not be deterred by the government’s attempts to obstruct justice.
Please see statements from Matthew D. McGill and Jay Newman below.
Matthew D. McGill, Lead Counsel for Devas Shareholders:
“Three separate international arbitration tribunals found that the Antrix unlawfully breached its obligations to Devas. Today’s ruling is a travesty of justice—the sadly predictable result of the bogus allegations fed by the Modi government to servile domestic courts. Our global campaign to enforce Devas’s international arbitration awards will continue without interruption or delay. And we will hold the Government of India to account for its confiscation of Devas.”
Jay Newman, Senior Adviser to Devas Shareholders:
“Today’s decision is not a setback, nor is it a surprise. It was scripted for months. The Modi government will now appeal to global courts waving the NCLT ruling as yet another bogus excuse to evade payment. Courts in the U.S., Netherlands, Canada and France, have seen through the previous sham proceedings and evasion tactics, and this ruling is no different. Devas shareholders will continue to identify and seize Indian state assets around the world until the debt has been paid.”