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 won.
The investors—Devas (Mauritius) Ltd, Telcom Devas Mauritius Ltd and Devas Employees Mauritius Pvt. Ltd —last month offered an amicable settlement while pursuing enforcement of the arbitration award against India over the cancelled deal with state-owned Antrix Corp.
“Devas investors remain committed to resolving this matter amicably. Unfortunately, our letter has been met with silence from the Indian government,” said Matthew D. McGill, a US-based lawyer at law firm Gibson Dunn, lead counsel for a number of shareholders of Devas.
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