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, seeking redress for the Government’s wrongful conduct against Devas and its shareholders to evade enforcement of the $1.3bn ICC Award.
With this new claim, the Indian government will be held accountable for its brazen scheme to avoid payment on the Award, and for the losses suffered by Devas shareholders. The claim demands that the Indian government “make full reparation to each of the Claimants for the injury or loss to their respective investments… including damages of no less than Claimants’ share of the amount of the ICC Award and Judgment.”
The full arbitration filing can be read here.
Please see statements from Matthew D. McGill & Jay Newman below.
Matthew D. McGill, Lead Counsel for Devas Shareholders:
“The Government of India’s audacious scheme to expropriate Devas has real and certain consequences. Soon the Government will be liable for the massive award now owed by Antrix. There is no escape; only continued expensive misery. The costs are rising for Prime Minister Modi and his government. ”
Jay Newman, Senior Adviser to Devas Shareholders:
“The Modi government has made a costly mistake in its brazen campaign against Devas. Now its tactics will be the subject of discovery before an international tribunal, and the world will see how truly dangerous India has become as a destination for foreign investment.”