In a jolt to ISRO’s commercial arm, Antrix, an international tribunal has asked it to pay damages worth $ 672 million (Rs 4,432 crore) to city-based firm Devas Multimedia for “unlawfully” terminating a deal four years ago on grounds of national security. The International Chamber of Commerce’s(ICC) arbitration body International Court of Arbitration has ruled in our favour in the Antrix-Devas arbitration case and Antrix is liable to pay damages totalling $ 672 million to it, Devas said on Tuesday.
“Devas Multimedia and its shareholders, including highly-regarded international investors, are pleased that the ICC Tribunal unanimously ruled in its favor and found that Antrix is liable for unlawfully terminating the Devas-Antrix Agreement in February 2011,” Devas said in the statement. The Tribunal awarded damages and pre-award interest totalling $ 672 million to Devas with post-award interest accruing at 18 <g data-gr-id="18">per cent</g> per annum on that sum until the award is fully paid, it added.
The Tribunal comprising Michael Pryles, VV Veeder QC, and Justice AS Anand gave the order in <g data-gr-id="15">an unanimous</g> decision. It noted that Antrix had no legal justification for terminating the agreement and that Dr K R Radhakrishnan, who at the time of annulment, was Secretary, Department of Space and Chairman of ISRO, Antrix and the Space Commission, could have prevented the Cabinet Committee on Security from approving the annulment.