Devas Threatens New Arbitration In Indian $1.3B Award Fight
By Caroline Simson (May 7, 2021, 9:25 PM EDT) -- India has been threatened with a treaty claim by the Mauritius-based shareholders of satellite company Devas Multimedia Pvt. Ltd. over New Delhi's alleged attempts to avoid paying a nearly $1.3 billion arbitral award against a division of the country's space agency.
The shareholders signaled their intent to initiate an investor-state claim against the country in a Thursday notice addressed to Indian Prime Minister Narendra Modi and other government officials, in which they accused the country of "abus[ing] its sovereign powers" by pursuing "multiple, baseless" investigations against Devas.
The investigations have allegedly impeded the satellite company's ability to enforce the massive award,...
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