🇮🇳India Faces 💲1⃣ Bn Fine by The Hague🏤

  |   India News

By Fråst🐺

🇮🇳India may pay 💲1⃣ bn in damages as it has lost an arbitration case between the 🇮🇳Indian Space Research Organisation💫 (ISRO) & Devas at the International Arbitration court🏤 at The Hague. Devas Multimedia📺 filed the case against ISRO’s💫 commercial wing, Antrix, after it 🚫cancelled a contract. Antrix was to provide 70MHz📡 of S-Band space to Devas by leasing 90% of the transponders in ISRO’s GSAT-6🛰 & GSAT-6A🛰 satellites which were to be launched🚀. Devas would then have to pay Antrix a total of 💲300 M 💰over 12 years. However, there were reports about a possible revenue loss & the UPA✋ 2011 Govt. said that the project was already under review🔎 & would have to be terminated❌. The Govt. 🚫cancelled🚫 the deal on 17 Feb 2011.
Antrix was also given a fine of ₹4,400 cr💰 by The Hague court for unilaterally terminating the contract📜 with Devas in 2015.

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