Devas Antrix Case And ‘Fraud’ As A Ground For Winding Up The Corporation: Did The Supreme Court Open A Pandora's Box?
Mishra Sarang, Faculty of Law, The Maharaja Sayajirao University of Baroda, Vadodara
ABSTRACT
As the Supreme Court passed the landmark judgement of the Antrix-Devas fraud case exposing the slackness of previous governments in signing treacherous deals, it send a shock wave across the start-up community.
The paper has brought to light how the Supreme court by upholding the NCLAT’s decision, has made sure it upholds the sanctity of the due process of law, and has tried its best to control the damage by passing a strong indictment.
Devas which was a Bangalore based start-up had siphoned off a huge amount of money in the name of the2005 Antrix-Devas agreement. It is only when in 2014, the CBI started investigating, did the true intentions of Devas really come to light.
As a result, the agreement was annulled because of which Devas had reached court not only on its own land but also on foreign soil. Though, it managed to protect its name, and throw dirt on its counterpart, the Indian government owned, commercial arm of ISRO, Antrix, in India, the rightful decision was taken by the honourable bench of the Supreme Court and justice was served.
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