The National Company Law Appellate Tribunal (NCLAT) has dismissed a petition filed by Devas Multimedia challenging an order of the Bengaluru bench of the National Company Law Tribunal (NCLT) that asked for the winding up of the company and appointed a provisional liquidator for the purpose.
NCLT’s direction had come over a petition filed by Antrix Corporation, the commercial wing of the Indian S pace Research Organisation (ISRO). The NCLT stated that Devas Multimedia was incorporated with a fraudulent motive of colluding and conniving with the then officials of Antrix Corporation, to get bandwidth from it by entering into an agreement in 2005, which was subsequently scrapped by the government.
This order was challenged by Devas Multimedia and its shareholders Devas Employees Mauritius Private Limited before the Chennai bench of NCLAT, that later dismissed the petition and upheld NCLT’s order.
