Finance Minister Nirmala Sitharaman held a press conference on Tuesday after the Supreme Court upheld the winding up of Devas Multimedia in the decade-old controversial deal between ISRO’s commercial wing Antrix and Devas Multimedia.

“I would like to talk on Supreme Court judgment on Devas-Antrix issue. SC has given a comprehensive order. UPA got cancelled this deal in 2011. It was a fraud deal,” FM said.

The Supreme Court order shows how the UPA government indulged in “wrong practices”. Antrix-Devas deal was against national security. It should Congress party’s turn to tell how this kind of fraud was perpetrated on the people of India, Sitharaman added. 

The apex court on Monday, January 17, 2022, dismissed an appeal by Devas, upholding the September 8, 2021 order passed by NCLAT for winding up of Devas Multimedia. 

“Antrix appeared in agreement with Devas in 2005 during the UPA government. It was a fraud deal. UPA government cancelled this deal in 2011,” she added.

It is to be recalled that National Company Law Tribunal (NCLAT) had upheld an earlier order of the Bengaluru bench of the National Company Law Tribunal (NCLT), which had on May 25, 2021, directed the winding up of Devas Multimedia and appointed a provisional liquidator for the purpose.

“This kind of selling of primary endowments like wavelengths, satellites or spectrum band, giving it away to private parties and making money from private parties and making a deal out if it marks the feature of the Congress government,” FM further said. 

FM further said when the whole thing was cancelled in 2021, Devas went to international arbitration and the then government of India did not appoint an arbitrator. It was reminded to appoint an arbitrator within 21 days, but the government didn’t do so, she added. 

Corporate Affairs Secretary Rajesh Verma said the liquidator has been appointed and the process will soon start.