ISDS Case Map
telecommunications
Devas Multimedia had won an arbitration award of $1.2 billion after the Indian government terminated its satellite deal with Antrix Corporation, the commercial arm of the ISRO in 2011.
The US District Court of Colombia has decided to grant a temporary stay over the confirmation of $111-million award won by Devas’ Mauritius shareholders against India.
The shareholders are seeking compensation commensurate with an arbitration award of $1.3 billion and have demanded that since Devas has been wound up, India must pay the award directly to the claimants.
Huawei said that it has initiated arbitration proceedings against Sweden under the World Bank Group after the Nordic country banned the Chinese tech giant from rolling out its 5G products.
Finance minister said the Modi administration would contest multiple arbitration awards won by shareholders of Devas Multimedia Pvt. Ltd over a cancelled contract on the strength of the Supreme Court’s validation of the fraud charges against the company.
Two separate arbitrations were also initiated under the bilateral investment treaty BIT by Mauritius investors in Devas Multimedia under the India-Mauritius BIT and by Deutsche Telekom under the India Germany BIT.
It quashes order permitting seizure of funds belonging to Airports Authority of India.
Why has a Canadian court ordered the seizure of more than $30 million worth of AAI’s assets? How can a foreign power issue such an order?
The shareholders had sought the right to seize all sum or moveable property of India and/or AAI being held by the International Air Transport Association.
Seen as a step for seizure of assets of Indian PSUs abroad.
