This week we remembered The Antrix-Devas deal
Five years after the UPA government pulled the plug on its agreement with Devas, the chickens have come home to roost. The verdict of an arbitration case between Antrix and Devas’s investors is likely to be announced on July 25. It is expected to go in Devas’s favour, putting a significant financial burden on the government. Already, the government has been fined $672 million for cancelling its agreement to lease two ISRO satellites to Devas. That’s not all: an award on another arbitration by a Devas investor is due later this year. The scam that wasn’t has ended up proving expensive for the Government of India.