Devas shareholders have launched new arbitration proceedings against the government of India after the Supreme Court had last month upheld the NCLAT order for winding up Devas Multimedia.
On Wednesday, the shareholders served the government the notice of arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law (1976) (UNCITRAL).
The shareholders are seeking compensation commensurate with the award of $1.3 billion from the International Chamber of Commerce and have demanded that since Devas Multimedia has been wound up, the government of India must pay the award directly to the claimants.
They seek that India “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 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,” said Matthew D. McGill, lead counsel for the Devas shareholders.
The Supreme Court had upheld the National Company Law Appellate Tribunal (NCLAT) order winding up Devas Multimedia Private Limited. The National Company Law Tribunal had ordered winding up of Devas on May 25, 2021 on a petition by Antrix. This was affirmed by NCLAT on September 8, 2021. The Hindu