The Permanent Court of Arbitration (PCS) ruled against the Indian government at Hague over the cancellation of a contract between Devas Multimedia and Antrix – the commercial arm of Indian Space and Research Organisation (ISRO), on Tuesday.
This second ruling in favour of Devas by the PCA, arising from the cancellation of the Devas-Antrix contract, could cost the Indian government a lot of money in damages, Bloombergquint reported.
In 2015, an International Chamber of Commerce (ICC) tribunal had found the cancellation of the contract unlawful and awarded Devas damages “and pre-award interest to the tune of $672 million, plus post-award annual interest accruing at 18 percent until the award was paid in full.”
In a telephonic interview, Ramachandran Viswanathan – the President and CEO of Devas Multimedia told the Bloombergquint:
Read the full report on Bloombergquint.
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