$30 million of AAI assets seized over Antrix award: Devas
The Hindu
Case pertains to dues of ISRO arm for deal cancelled with multimedia firm in 2011
Devas shareholders on Monday said they had seized more than $30 million worth of Airports Authority of India’s (AAI) money held by the International Air Transport Association (IATA) following an order from a Canadian court.
Devas added that “additional actions are forthcoming”. It is also pursuing seizure of Air India’s assets to recover the arbitration award it won against the Indian government.
“Devas’ shareholders have been granted the right to garnish property belonging to Airports Authority of India (AAI) held by the International Air Transport Association (IATA) in Montreal. These actions represent the first fruits of a globally focused effort to attach assets of the Indian government to satisfy the Devas Multimedia’s awards. More than $30 million has been seized to date under the IATA action,” a Devas spokesperson said.
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