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 of its creditor, Devas. Shareholders of Devas will not be deterred, but potential investors in India should be forewarned: India is risky and unpredictable.”