The Paris-based ICC Tribunal, looking into an arbitration case between former partners Antrix Corporation, the marketing arm of ISRO; and >Devas Multimedia Corporation , has ruled that Antrix must pay Devas a compensation of $672 million (around Rs.4,435 crore) with interest for breach of their satellite contract, according to a statement issued by Devas on Tuesday.
The tribunal is an arm of the International Chamber of Commerce and deals with international commercial disputes. The lawyers for Devas initiated the process to secure the award, including interest at 18 per cent post-ruling, and filed a petition in the Delhi High court on Monday, the publicist for Devas said.
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It was not immediately clear if Antrix can appeal the ruling. ISRO Chairman and Secretary Department of Space, A.S. Kiran Kumar, did not comment on the ruling against Antrix, which is governed by his department.
Antrix’s Chairman and Managing Director V.S. Hegde did not answer calls.
Devas took Antrix to the ICC, Paris, and the PCA at The Hague, after the government cancelled the contract for building two satellites for Devas, citing alleged irregularities in the deal.
