Antrix, operating as the marketing arm of India's International Space Research Organization (ISRO), entered into an agreement with Devas in 2005 for the long-term lease of two ISRO satellites operating in the S-band. By denying the commercial use of the S-band spectrum, the Indian Government committed an expropriation, making it liable to pay compensation.
"We are gratified that the tribunal agreed that Devas's shareholders suffered an expropriation as a result of India's annulment of the Devas-Antrix contract," said Arun Gupta, a Partner at Alexandria-based Columbia Capital. Columbia Capital's affiliate, CC/Devas (Mauritius) Ltd., is among the claimants in the PCA proceeding. "Together with Devas's 2015 award of $672 million plus 18 percent interest from an International Chamber of Commerce tribunal, we hope that the current government in India sees this ruling for what it is – objective recognition of the injustice suffered by the Devas investors – and works with us to resolve this matter in a fair and responsible way."
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SOURCE Columbia Capital and Telcom Ventures