Failed 2005 satellite deal: Air India opposes new identity for Devas’ Mauritius investors in US courts

Air India has opposed a move by three Mauritius-based investors in startup firm Devas Multimedia to be identified as new entities registered in the United States to enforce compensation awards made in favour of the investors, and Devas Multimedia, by multiple international arbitration courts.

The Air India move comes in the wake of three foreign investors in Devas Multimedia — CC/Devas (Mauritius) Limited., Telecom Devas Mauritius Limited, and Devas Employees Mauritius Private Limited — seeking to be identified as CCDM Holdings, LLC, Telcom Devas, LLC, and Devas Employees Fund US, LLC. This is to continue proceedings to attach assets of Air India for recovery of nearly $1.2 billion in compensation awarded over the cancellation of 2005 satellite deal signed by Devas with Indian Space Research Organisation’s (ISRO) Antrix Corporation.