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HomeNewsDeal On Congress Watch Was "Fraud On India," Says Nirmala Sitharaman

Deal On Congress Watch Was "Fraud On India," Says Nirmala Sitharaman


“The fraud within the Antrix-Devas deal was apparent,” Nirmala Sitharaman stated (File)

New Delhi:
The Supreme Courtroom’s order on the 2005 Antrix-Devas deal is “proof of the Congress’s misuse of energy”, Finance Minister Nirmala Sitharaman stated at the moment. The Supreme Courtroom on Monday upheld an order to wind up Bengaluru-based startup Devas Multimedia.

Following are the highest 10 developments on this story:

  1. The case entails a satellite tv for pc deal in 2005 between the Indian Area Analysis Organisation (ISRO’s) business arm Antrix and Devas Multimedia, a startup fashioned in December 2004.

  2. Underneath the settlement, Antrix had agreed to construct, launch and function two satellites and lease out 90% of the satellite tv for pc transponder capability to Devas, which deliberate to make use of it to supply hybrid satellite tv for pc and terrestrial communication providers within the nation.

  3. The deal included 70 MHz of S-band spectrum price ₹ 1,000 crore. This spectrum is restricted to be used by safety forces and government-run telecom corporations.

  4. When the Congress-led authorities cancelled the deal in 2011, amid a haze of allegations, Devas challenged the choice and was awarded Rs 15,000 crore. The federal government will oppose the worldwide award granted to Devas after the Supreme Courtroom order, Ms Sitharaman stated.

  5. The Supreme Courtroom, ordering Devas to wind up, stated, “It’s a case of fraud of an enormous magnitude which can’t be brushed beneath the carpet.”

  6. “It was a fraud of the Congress, for the Congress, by the Congress. The fraud within the Antrix-Devas deal was apparent and the Supreme Courtroom’s order was proof of the Congress’ misuse of energy,” the Finance Minister stated on the decision.

  7. “That is what the greed of the UPA has accomplished. The federal government is combating in each court docket to ensure the fraud does not get away,” Ms Sitharaman stated, including, “We’re combating to save lots of taxpayers’ cash which in any other case would have gone to pay for the scandalous Antrix-Devas deal.”

  8. She alleged that when the deal was cancelled in 2011 and arbitration started, Antrix was requested to nominate an arbitrator to defend the federal government nevertheless it by no means did.

  9. In 2016, former ISRO chief G Madhavan Nair and different officers had been charged by the CBI for allegedly facilitating a acquire of Rs 578 crore to Devas.

  10. Antrix approached the Nationwide Firm Regulation Tribunal, or NCLAT, saying senior firm officers together with the then chairman in 2005 signed the contract with Devas utilizing unlawful strategies. The NCLAT, and the Bengaluru bench of the Nationwide Firm Regulation Tribunal, or NCLT, then ordered Devas to close store in Might 2021. Yesterday, the Supreme Courtroom upheld the order.

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