The inquiry into Devas Multimedia's deal with Antrix, the commercial wing of Indian Space Research Organisation (ISRO), has found that when the Indian arm of the company was founded in 2004, it had just two shareholders and a paid-up capital of Rs 100,000.
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Amid its standoff with Antrix, Devas Multimedia has witnessed a change of guard at the helm with former Indian Space Research Organisation official M G Chandrasekhar stepping down as chairman of the company.
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There has been no loss of revenue arising out of the Antrix-Devas deal as the agreement has been annulled, the Lok Sabha was informed on Wednesday.
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The Comptroller and Auditor General has come down heavily on the Department of Space, particularly on its former Secretary G Madhavan Nair, in the controversial Antrix-Devas deal alleging numerous rules and policies were violated and facts concealed to favour a private company.
Former Indian Space Research Organisation Chairman G Madhavan Nair on Thursday rubbished suggestions of a scam in the scrapped controversial Antrix-Devas deal and maintained that estimation of huge loss to the exchequer is "totally erroneous".
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The International Chamber of Commerce's 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.
The decision to annul the deal was taken at a meeting of the Cabinet Committee on Security chaired by Prime Minister Manmohan Singh on the basis of a recommendation from the Space Commission.
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Former Indian Space Research Organisation chief G Madhavan Nair and three other senior scientists, who were barred from holding any government posts, have been indicted by the country's top space body-appointed committee for acts of commission in the Antrix-Devas deal.
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The Enforcement Directorate has begun a "preliminary enquiry" into the financial transactions that took place in connection with the Antrix-Devas deal.
A day after the government decided to scrap the Antrix-Devas S-Band spectrum allocation deal, Law Minister M Veerappa Moily met Home Minister P Chidambaram discussing legal ramifications of the move against the backdrop of the private company threatening to sue the government.
The UPA government looks set to give the contract a decent burial and, in turn, redeem ISRO and itself.
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The Department of Space is in the process of getting clearances for release of reports of two committees on the controversial Antrix-Devas deal, on the basis of which former Indian Space Research Organisation chief G Madhavan Nair and three other scientists were barred from holding any government posts. This was announced on Tuesday by ISRO Chairman K Radhakrishnan, who is also the DOS secretary, in a brief statement in his first comments on the issue.
The choreographer/filmmaker talks about getting back on screen with Remo D'Souza's ABCD after a rather eventful turn as a director.
