'Hijacked' Telecom's Investors Enter Brawl For $1.3B Award
Law360 (June 10, 2021, 6:20 PM EDT) -- Investors in a satellite communications service provider have chased a division of India's space agency to the Ninth Circuit in their desperate fight to save a $1.3 billion arbitral award before government officials can liquidate the company.
On Wednesday night, the Ninth Circuit granted Devas Multimedia shareholders' motion to intervene in the case against India's state-owned Antrix Corp, making them full parties entitled to the award over a canceled satellite leasing deal. Shareholders accused the Indian government of using local courts to "hijack" the company in January in order to avoid paying an International Chamber of Commerce arbitration award that was...
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