Failed 2005 satellite deal: US court stays proceedings in Devas investors’ move to identify Air India assets in America

A US federal court has stayed efforts by foreign investors in the Bengaluru headquartered start-up Devas Multimedia Pvt Ltd to identify Air India as an alternate of the Government of India to recover compensation for a failed 2005 satellite deal between Devas Multimedia and Antrix Corporation, a commercial arm of ISRO.

The US court for the southern district of New York imposed a stay last week on proceedings in pleas—filed by three Mauritius investors and the German telecom major Deutsche Telekom—for the identification of Air India as an alter ego of India and to find its assets in the US to facilitate recovery of compensations awarded by international tribunals over the failed satellite deal.