The National Company Law Tribunal (NCLT) has ordered the liquidation process of Devas Multimedia by allowing a petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation.
The Bengaluru Bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
The tribunal also confirmed the appointment of the provisional liquidator by it earlier on January 19 and directed him to take expeditious steps to liquidate the company to prevent it from perpetuating its fraudulent activities and abusing the process …
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