Devas Multimedia said that Air India is a government airline, so it is responsible for any liability on the government. Devas Multimedia has filed a case in a New York court and has threatened to seize the property.
This controversy is going on since 2011.
Devas Multimedia has also moved ahead on the lines of Cairn Energy. It has also started identifying the foreign assets of Air India. It also needs $ 1.2 billion from the government because the International Arbitration had ruled in favor of the company. Earlier, the British energy company Cairn Energy is creating problems. He won the International Arbitration in the Retrospective Tax case. The government has not returned the amount yet. In such a situation, for his money, he is targeting foreign assets of government companies.
Devas Multimedia said that Air India is a government airline, so it is responsible for any liability on the government. Devas Multimedia has filed a case in a New York court and has asked Air India to return its money. The company has threatened to seize the airline’s property, including planes, cargo, equipment, artwork, if the money is not returned. The constant threat to seize the assets of Air India may cause problems in its privatization.
Give a big blow to the Indian government in 2020
In the year 2020, India suffered two major setbacks in the International Court. There is a $3 billion tax dispute with Vodafone and a $1.2 billion tax dispute with Cairn Energy. The Government of India has challenged both the cases. In May, the finance ministry asked state-owned banks to secure their dollar deposits after Cairn threatened to freeze foreign assets of state-run companies.
This case is going on in many courts of the world
The matter between Devas Multimedia and the Government of India is going on in many courts of the world. Dewas Multimedia wants it to get money from the government under the decision of International Arbitration. The government wants that the company should be liquidated, then investigation and action will be taken against it under fraud.
Know what is the dispute with Devas Multimedia
The case of Sarkar and Dewas Multimedia is almost 10 years old (an ongoing dispute since 2011) when the state-owned Antrix Corp canceled an agreement with Dewas Multimedia. Devas Multimedia had said in its petition that due to this, its investment worth millions of dollars has been damaged. In this case, the International Arbitration had ruled in favor of Devas in 2020. The government has been asked to pay him $ 111 million plus interest. Apart from this, the International Chamber of Commerce has also ruled to give him a separate interest of $ 562.5 million.
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