New Delhi: In a setback to Devas Multimedia, which signed a controversial agreement with ISRO’s commercial arm Antrix in 2005, the Supreme Court on Monday ordered jealous because indulge in fraudulent activities, including siphoning 85% of investments brought into the country.
In the assessment of runs to 134 pages, the bench of justice save Gupta and V Ramasubramanian deal with each and every issue raised by the company and its shareholders against wind and destroy all defenses raised by them, including the impact of a negative impact on foreigners investing in India , The bench said the establishment of the company itself for the purpose of fraud and abuse laws and conduct the company’s affairs in a fraudulent manner also stand.
It upholds and NCLAT NCLT sequence that allows the request to terminate the company’s Antrix.
Petition for winding filed after the approval of the center.
“We do not know whether the action Antrix in finding olding up deva can send the wrong message to the investment community.
But lets gods and its shareholders to reap the benefits of the act of fraud they may send another message which one is it By adopting means of fraud and to bring to Indian investments in the amount of Rs 579 crore, investors can expect to get tens of thousands of crores of rupees, even after siphoning of Rs 488 crore, “said Justice Ramasubramanian when referring to the awards of international arbitration over Rs 15,000 crore is given for the sake of the gods, including the one passed by the Court ICC arbitration.
The bench also rejected the request of shareholders who invoke their interests would suffer because of tortuous company.
The agreement with Gods terminated by Antrix in 2011, leading to the commercial arbitration before the ICC arbitral tribunal.
“If the seed of commercial relations between Antrix and god is the product of fraud committed by DEX, every part of the plant that grows from the seeds, such as agreements, disputes, arbitration awards etc., All infected with poison fraud.
Products of fraud contrary to policy public any country, including India, “he said.
“No one can go after fraud in India ‘: The government on Sunday said the order of the Supreme Court in the case of Devas strengthened that no entity or person can go after fraudulent activities in the country.