NCLT Bengaluru has ordered winding up of Devas Multimedia Private Limited, on account of fraudulent activities. The Tribunal has found the very incorporation as fraudulent, to enter into an agreement with ISRO for a technology which Devas Multimedia never had and was not even available at that time.
NCLT says in its order” Facts clearly establish that even the idea to incorporate Devas was with fraudulent intentions coupled with malafide objects to enter into an agreement with Antrix with no responsibility at all”. Order further states that “It is unknown to law that such a prestigious agreement with government owned company was got signed by a clerk, paying remuneration for the same. Therefore the agreement in question would become void abinito and its name should be struck from register of RoC”. The order further said that the unlawful object of Devas is to bring foreign funds into India and then siphon of the same by diverting those funds to foreign countries into dubious accounts. Tribunal observed that Devas has successfully taken arbitration out of the country contrary to the agreement and continued to misuse the process of law before courts in India and abroad to its advantage. Zee Biz