CBI-ANTRIX 2 LAST

The Hague-based Permanent Court of Arbitration (PCA) The Hague-based Permanent Court of Arbitration (PCA)ruled that the Indian government had acted "unfairly" and"inequitably" in nullifying the contract.   The Antrix-Devas deal had seen early exit of Nair as ISROboss as he was the Chairman of the Governing Council of Antrixwhen the deal was finalised. The CBI has alleged that when a proposal seeking budgetarysupport of Rs 269 crore for approving design, manufacture andlaunch of GSAT-6/INSAT-4E (PS1) was placed at the 104thmeeting of the Space Commission on May 26, 2005, it was notinformed that the agreement had already taken place with DevasMultimedia for leasing out the S-Band. "The approval of Space Commission was obtained by keepingit in dark," CBI has said. It alleged that on November 17, 2005 a note for theCabinet was submitted for building the GSAT-6 satellite asearlier approved by the Space Commission. "Information regarding the agreement between AntrixCorporation Limited and Devas Multimedia Limited wassuppressed from the Cabinet and the wrong informationregarding utilisation of satellite capacity was given to theCabinet with respect to multiple expressions of interestthough the agreement was signed with Devas Multimedia withoutany multiple expressions of interest. The proposal wasapproved by the Cabinet in December 2005," it said. CBI said in its FIR that after alleged omissions andcommissions on the part of accused persons surfaced, theagreement dated January 28, 2005 was annulled by AntrixCorporation in accordance with the decision of the CabinetCommittee on Security headed by the then Prime MinisterManmohan Singh. CBI claimed that Devas, with the intention of siphon offthe amount from its bank accounts in India, got a subsidiarynamed Devas USA incorporated in America and a substantial partof the "wrongful" gain was remitted to the offshore company onthe pretext of services, salaries etc. PTI ABS SKLSK