Mumbai: Shareholders sued in Dewas Multimedia Air India Efforts to recover the winning amount in Dewas arbitration award Against the Indian government and forfeited foreign assets of its major carriers, according to a US district court filing.
Shareholders said Devas and its allies owed the government more than $1.5 billion.
Describing state-owned Air India as India’s “replacing ego”, three Dewas investors – Dewas (Mauritius) Limited, Telcom Dewas Mauritius Limited and Devas Employee Mauritius Pvt Ltd – in a petition in the US District Court for the Southern District of New York – reviewed by Reuters – said the airline should be held liable for the country’s debts and obligations.
trick comes after cairn energy Last month Air India was sued to enforce the $1.2 billion arbitration award it had won in a tax dispute against India, further complicating the state’s efforts to sell the loss-making airline was.
That matter is going on.
In 2011, the government canceled Indian Space Research Organization(ISRO) contract with Dewas for leasing satellite space after irregularities were detected in the deal.
Shareholders said that, hurt the value of their multi-million dollar investment in Dewas and led to multiple arbitration awards, including one by the International Chamber of Commerce, which India has not paid.
India has denied the deal, citing investigations into possible fraudulent transactions before the deal and a bankruptcy court ordered the liquidation of Dewas.
“India has mobilized the state’s investigative, regulatory, taxation and judicial powers in a coordinated plan,” the shareholders said.
He said it is “urgent and necessary” to initiate recognition and protection of India’s assets, given the “extraordinary and extraordinary measures to avoid and eliminate the unanimous arbitration award for which the country is ultimately liable”.
The finance ministry declined to comment and Air India did not immediately respond to a request for comment.
Shareholders said Devas and its allies owed the government more than $1.5 billion.
Describing state-owned Air India as India’s “replacing ego”, three Dewas investors – Dewas (Mauritius) Limited, Telcom Dewas Mauritius Limited and Devas Employee Mauritius Pvt Ltd – in a petition in the US District Court for the Southern District of New York – reviewed by Reuters – said the airline should be held liable for the country’s debts and obligations.
trick comes after cairn energy Last month Air India was sued to enforce the $1.2 billion arbitration award it had won in a tax dispute against India, further complicating the state’s efforts to sell the loss-making airline was.
That matter is going on.
In 2011, the government canceled Indian Space Research Organization(ISRO) contract with Dewas for leasing satellite space after irregularities were detected in the deal.
Shareholders said that, hurt the value of their multi-million dollar investment in Dewas and led to multiple arbitration awards, including one by the International Chamber of Commerce, which India has not paid.
India has denied the deal, citing investigations into possible fraudulent transactions before the deal and a bankruptcy court ordered the liquidation of Dewas.
“India has mobilized the state’s investigative, regulatory, taxation and judicial powers in a coordinated plan,” the shareholders said.
He said it is “urgent and necessary” to initiate recognition and protection of India’s assets, given the “extraordinary and extraordinary measures to avoid and eliminate the unanimous arbitration award for which the country is ultimately liable”.
The finance ministry declined to comment and Air India did not immediately respond to a request for comment.
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