Devas Multimedia P Ltd on Monday said it had taken the case of its annulled satellite contract with Antrix Corporation, an ISRO arm, to the International Court for Arbitration.
Bangalore-based company has been seeking with the Government and Antrix's parent ISRO that the agreement to build and launch two communications satellites for it be restored.
The Centre annulled the deal in mid-February citing irregularities in the agreement, non-transparency and non-adherence to standard procedures.
The notional value of the S-band airwaves or ‘spectrum' in which Devas planned to launch its services was put by the government audit body CAG at over Rs 2 lakh crore.
ISRO officials told Business Line off the record that the dispute had to be settled within the Indian jurisdiction as per the agreement. Post-annulment, Devas reportedly returned a draft sent to it for Rs 53 crore — the amount Devas had paid in advance towards Antrix's services.
Antrix, which is currently in a restructuring state under a just-named Chairman and Managing Director, would not comment on the development.
One insider admitted surprise as the two teams from Antrix and Devas were still in discussions.
Devas confirmed its latest move in a statement issued in the name of Mr Ramachandran Viswanathan, CEO & President, Devas Multimedia Pvt Ltd.
It said, “Devas confirms having exercised its rights and filed for arbitration with the International Court of Arbitration under the International Chamber of Commerce to resolve Antrix's breach of contract and purported termination of the Devas-Antrix Agreement.
“We would not like to comment any further.”
According to an arbitration expert in Bangalore, the case would first have to exhaust legal options within the jurisdiction, including civil court.
The ICA, a part of the Paris-based International Chamber of Commerce, handles international commercial disputes.