The National Company Law Appellate Tribunal (NCLAT) order of winding up Devas Multimedia Private Ltd at the instance of Antrix — the commercial arm of the Indian Space Research Organisation (ISRO) was upheld by the Supreme Court on Monday.
An appeal filed by Devas Multimedia challenging the NCLAT order of allowing the winding up of the company was dismissed by a Bench led by Justice Hemant Gupta.
The NCLT’s direction came over a petition filed by Antrix Corporation.
The NCLAT had upheld the earlier order of the Bengaluru Bench of the National Company Law Tribunal (NCLT), which had on May 25, 2021, directed winding up of Devas Multimedia and appointed a provisional liquidator for the purpose.
According to the NCLT, Devas Multimedia was incorporated on December 17, 2004, with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
This order was challenged by Devas Multimedia and its shareholder Devas Employees Mauritius Private Limited before the Chennai Bench of NCLAT, which later dismissed the petition.
Devas maintained that the agreement intended to achieve innovation and as a result it introduced and utilised technologies like never before, generating huge revenue for Antrix.
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