Companies

After Canada and US, Devas Shareholders wins award in Paris Court

Ayushi Kar | | Updated on: Jan 13, 2022
image caption

This is just the beginning. We’re planning many more seizures: Devas spokesperson

A Paris Court has allowed Devas shareholders to seize an apartment that houses the Indian Deputy Chief of Mission in Paris. The apartment is valued at €3.8 million. The plaintiffs who applied for the enforcement of this award were Devas’ Mauritian shareholders, CC/Devas(Mauritius) Ltd, and Devas Employees Mauritius Limited.

The Mauritian arm of Devas shareholders is seeking an award worth $111 million in arbitration against the Republic of India. This award was granted to them by United Nations Commission on International Trade Law against India for terminating an agreement with the Devas and Antrix, therefore violating the India-Mauritius Bilateral Investment treaty.

Multiple parties of Devas shareholders are seeking enforcement of awards over $1.3 billion against the Government of India worldwide. Recently Devas has won enforcement of awards against the GOI in Canada as well as the United States. Various government assets and Indian public sector units in these jurisdictions are involved in court proceedings around the world now. 

Jai Newman spokesperson for Devas shareholders said, “India has assets like this all over the world. This is just the beginning. We’re planning many more seizures.”

Published on January 13, 2022

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

COMMENTS
  1. Comments will be moderated by The Hindu editorial team.
  2. Comments that are abusive, personal, incendiary or irrelevant cannot be published.
  3. Please write complete sentences. Do not type comments in all capital letters, or in all lower case letters, or using abbreviated text. (example: u cannot substitute for you, d is not 'the', n is not 'and').
  4. We may remove hyperlinks within comments.
  5. Please use a genuine email ID and provide your name, to avoid rejection.

You May Also Like

Recommended for you