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India Loses Big Case About Satellites, Spectrum, Damages Upto $1 Billion
July 26, 2016, 8:51 am

For cancelling a deal involving two satellites and the spectrum they were to use, India has lost a huge case in international arbitration and may have to pay up to a billion dollars in damages.

The decision could damage India's reputation with international investors. The International Tribunal in The Hague has ruled against the government of India in a case filed by Devas Multimedia. The contract was cancelled in 2005 by Antrix, which is the commercial arm of the state-run Indian Space and Research Organisation.

Devas filed its case at the international court of arbitration in 2015. Antrix had agreed to lease long-term two satellites operating in the S-band spectrum. The contract was cancelled in 2011.

The tribunal has found that doing so, the government acted unfairly, causing inordinate losses to investors in Devas Multimedia.

Source: NDTV

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