Mauritius caught in dispute over annulled $1.3 billion satellite deal

Mauritius has found itself entangled in a legal dispute between foreign investors and Indian authorities over the annulment of a 2005 satellite deal involving Devas Multimedia and Antrix Corp.

The Department of Space in India has urged Mauritius to take control of three Mauritius-based firms connected to the case, namely CC/Devas Mauritius Ltd, Telcom Devas Mauritius Ltd, and Devas Employees Mauritius Pvt Ltd.

The investors have sought intervention from a US federal court, requesting their parent companies based in Delaware to participate in the liquidation proceedings.

The legal battle stems from a failed satellite deal, with compensation awards of up to $1.3 billion in favour of Devas Multimedia and its investors. 

A few months earlier, the Financial Services Commission (FSC) of Mauritius had notified them of its intention to revoke their business licenses and seize control of the companies, based on intelligence obtained from India’s Department of Space.

The Mauritian shareholders obtained a temporary injunction from a Mauritian court in response.

Original article at: The Indian Express