GoI orders winding up of Devas after a US Court had ordered payment of $1.2 billion compensation

Newsroom24x7 Network

New Delhi: Three-months after the western District Court of Washington ordered for enforcement and payment of $1.2 billion compensation to Devas, the Central Government has authorised Rakesh Sasibhushan, Chairman- cum- Managing Director, Antrix Corporation Limited (a Government Company) to present a petition before the National Company Law Tribunal (NCLT) for winding up of Devas Multimedia Private Limited on the grounds specified under clause (c) of Sub-section (1) of Section 271 of the Companies Act, 2013 (18 of 2013).

Under Section 271 of the Companies Act, a company may, on a petition under section 272, be wound up by the Tribunal. Clause (c) of this section specifies – on an application made by the Registrar or any other person authorised by the Central Government by notification under this Act, the Tribunal is of the opinion that the affairs of the company have been conducted in a fraudulent manner or the company was formed for fraudulent and unlawful purpose or the persons concerned in the formation or management of its affairs have been guilty of fraud, misfeasance or misconduct in connection therewith and that it is proper that the company be wound up.

Once Devas gets wound up there will be no entity left to demand compensation.

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Check:

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