The initial understanding was, Antrix would supply the S—band spectrums through a lease of the transponders of two satellites designed exclusively for Devas. The deal was later shelved by the Central Government. Investigations into the disputed Antrix — Devas deal: There had been two separate committees supervising the investigation into the controversial deal. The Sinha Commission investigation reports had indicated that the deal had serious distortions, almost bordering on the violations of the good faith and confidence of the public.
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This is the second international tribunal to rule against the Indian government in the Antrix-Devas scam, and questions how the government will react to the judgment especially since it was trying to avoid a potentially dangerous scam when it cancelled its deal with Devas in Representational image. AP 15 things you should know about this deal: 1. The Antrix-Devas scam is one of the most serious crisis Isro has faced in its history.
The charges were dropped afterwards as the accusation turned out to be false. He later blamed the UPA-2 government for things going south in the deal. As per the agreement, Antrix was to provide 70 MHz of the scarce S-Band space segment to Devas for its digital multimedia services. Antrix was to lease satellite transponders to Devas for allowing it to offer digital multimedia services using the S-band wavelength spectrum , reserved for strategic purpose. Devas, in turn, was to pay Antrix a total of million US dollars over 12 years.
The aim of the project was to provide broadband wireless services to the remote areas of India. However, the deal failed to take off, as the then Manmohan Singh-led government in said the project was already under review and action has been initiated for termination of the contract.
The scandal first came to light when in , The Hindu reported that there were some irregularities in the agreement between Antrix and Devas. They reported the findings of a draft audit report and pointed out discrepancies including financial mismanagement, conflict of interest, non-compliance of rules, and favouritism. This revelation came at the heel of the 2G spectrum scam which was condemned for the high-level of corruption. The government finally cancelled the deal on 17 February, Devas then took Antrix and the Government to International Court for cancelling its contract by the Cabinet Committee on Security in Devas Multimedia was also charged with contravening the FDI regulations under Fema for assuring foreign investors an annual eight per cent priority dividend in addition to other dividends on cumulative basis, and for one tranche of receipt of funds, issuing a security akin to an External Commercial Borrowing ECB promising higher returns than the ceiling fixed by the Reserve Bank of India.
Antrix was set up in to commercialise space products , and was also used as a channel for the transfer of technology. Devas Multimedia was set up by former space engineers from Isro and then was funded by foreign investors some of them from Mauritius. With inputs from agenices Find latest and upcoming tech gadgets online on Tech2 Gadgets.
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