Additionally, the tribunal has awarded damages and pre-award interest totalling US$ 672 million to Devas
with post-award interest accruing at 18 percent per annum on the sum until the award is fully paid.
Antrix, the commercial arm of Isro, struck the deal in 2005 with Devas
, giving them rights for delivery of videos, multimedia and information services to mobile phones using S- Band through GSAT- 6 and GSAT- 6A satellites and terrestrial to be launched by Isro in India.
Antrix had signed a ` 1,000- crore deal with Devas
for allocating over 70 Mhz of S- Band spectrum from the pool meant for defence and space research purposes.
deal signed by ISRO"s commercial arm Antrix to lease out 90 per cent of transponders in the S-band frequency on two ISRO satellites was annulled by the government in February 2011.
On the other hand, 70 megahertz of S- band spectrum was earmarked for Devas
Multimedia, however, expressed concern over the PM's statement and threatened legal action.
The Pratyush Sinha committee, set up on May 31 last year to examine the deal and identify the acts of omission and commission by government officials, said choosing Devas
for the deal "seems to be lacking in transparency and due diligence".
Radhakrishnan on Tuesday, in the wake of allegations of favouritism shown towards Devas
and perceived loss of revenue due to the allocation of spectrum to the company.
The Pratyush Sinha committee, set up on May 31 last year, said choosing Devas
for the deal "seemed to have lacked in transparency and due diligence".
A CONTROVERSIAL transponder deal of the Indian Space Research Organisation ( ISRO) appears set to blow up into another multi- crore spectrum scam, even though the space agency is apparently in the process of cancelling the agreement it had signed with a private firm, Devas
Manmohan Singh, on Thursday said neither his office nor the cabinet had approved the 2005 agreement to allocate S-band spectrum to the private firm, Devas
New Delhi, Feb 17 (ANI): The controversial S-Band deal between Indian Space Research Organisation (ISRO) commercial wing Antrix and Devas
Multimedia has finally been cancelled.