Canada court dismisses AI plea; Devas can seize upto half of AI funds with IATA ‘retrospectively & prospectively’

NEW DELHI: A Canadian court has dismissed Air India’s plea seeking quashing of an order that allowed shareholders of Devas Multimedia Pvt Ltd to seize the airline’s assets. Following this, Devas shareholders said in a statement they can continue to seize upto half of AI funds held at International Air Transport Association (IATA) retrospectively and prospectively.
Comments from AI have been sought following this setback and are awaited.
Devas statement says the Canadian court has “maintained AI seizure and dismissed AI’s motion to quash (earlier order). Reduced AI seizure amounts to 50% of the funds held by IATA retrospectively and prospectively. Dismissed IATA motion to quash the AI’s seizure.”