A Singapore court has ordered a $101 million international lawsuit against German telecom giant Deutsche Telekom over the cancellation of a 2005 satellite contract between Bangalore startup Devas Multimedia and ISRO-owned Antrix Corporation. Dismissed an appeal filed by India against enforcement of the arbitration award.
The Singapore Court of Appeal rejected India’s appeal, stating that most of the issues raised in the petition were addressed during arbitration by the Permanent Court of Arbitration in Geneva and the subsequent Swiss Federal Supreme Court.
Deutsche Telekom, which held a 20.73% stake (through a subsidiary) in the now-liquidated Devas Multimedia, announced on May 27, 2020 in Geneva was ordered by the Permanent Court of Arbitration to pay compensation of $101 million. And ISRO’s Antrix Corp he cited security reasons in February 2011.
Deutsche Telekom claimed that the termination of the deal was a violation of the 1995 India-Germany Bilateral Investment Treaty. Despite the Swiss Federal Supreme Court dismissing India’s appeal against the award, the German company moved courts in Singapore and the US to have the award confirmed.
In an order last month, the Singapore court said: “Three of the four grounds for resisting enforcement (namely pre-investment claims, indirect investment claims and essential security interest claims) have been considered by the arbitral tribunal and dismissed. ” he said. .
“With regard to the ‘illegal argument’, India through its October 24, 2016 letter to the court argued that the charges reflected in the CBI chargesheet warranted halting the arbitration pending resolution. However, the court refused to accept this,” the court said.
“The Swiss Supreme Court also relied on the arbitral tribunal’s decision that the CBI’s corruption complaint against Devas and ISRO officials contained ‘only allegations and charges that are yet to be determined.'” said.
“We are therefore satisfied that in this appeal India cannot re-litigate the illegality claim, the pre-investment claim, the indirect investment claim and the essential security interest claim. Enough is enough.”
A Singapore court also directed the Indian government to pay Deutsche Telekom $130,000 in costs over the case.
© Indian Express Private Limited
Date first uploaded: April 1, 2024 19:46 IST
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