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January 18, 2022 / 05:49 PM IST

FM Nirmala Sitharaman press conference Highlights: Govt will make sure SC verdict is used internationally to fight against Devas fraud, says FM

FM Nirmala Sitharaman press conference Highlights: The FM said that the NDA government is fighting in every court so that Devas does not get away with Antrix deal fraud, adding the NDA government will soon appoint an arbitrator in Antrix Devas case.

Union Finance Minister Nirmala Sitharaman on January 18 held a press conference at 4:30 pm to discuss an “important economic issue”. The finance ministry highlighted the issues and status of Antrix Devas case and implications of the Supreme Court order. She also hit out at the previous UPA governments

for the issue and alleged why an arbitrator was not appointed.

Hotting out the former UPA government, led by Congress party, the FM said that the both the deal and SC's recent order reflect how UPA indulged in wrong practices. She added that the deal was done against national security and it should be Congress party's turn to tell how this kind of fraud was perpetrated on people of India.

Adding more she said that the NDA government is fighting in every court so that Devas does not get away with Antrix deal fraud. Also, hitting out the previous government, Sitharaman said that the Congress party and its leaders are accountable for such a big fraud.  She mentioned that the NDA government will soon appoint an arbitrator in Antrix Devas case.

Earlier on January 17, the Supreme Court had junked an appeal filed by Devas Multimedia challenging an order to wind up the firm. Also, the bench -- comprising Justice Hemant Gupta and Justice V Ramasubramanian -- had dismissed the appeal filed by Devas Multimedia Pvt Ltd.

The Bengaluru bench of the National Company Law Tribunal (NCLT), on May 25, 2021 directed winding up of Devas Multimedia, but it was upheld by the National Company Law Appellate Tribunal (NCLAT) which appointed a provisional liquidator for the purpose. The NCLT's direction came over a petition filed by Antrix Corporation, the commercial arm of the Indian Space Research Organisation (ISRO).

The NCLT bench had 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.

This order was challenged by Devas Multimedia and its shareholder Devas Employees Mauritius Private Ltd before the Chennai bench of NCLAT, which dismissed the petition.
  • January 18, 2022 / 05:48 PM IST

    This live blog session had ended. Stay tuned to MoneyControl for more updates. 

  • January 18, 2022 / 05:31 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Govt will make sure SC verdict is used internationally to fight against Devas fraud, says FM  

    "The UPA government, led by Congress, is behind the whole fraud. They should be answerable. The SC verdict on Devas scam again shows how Congress has repeatedly sold national resources for a pittance. We will make sure this verdict is used internationally (international arbitration) to fight Devas and hold the erstwhile UPA govt to account," Sitharaman said. 

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  • January 18, 2022 / 05:25 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Arbitration tribunals awarded $1.2 billion on pleas by Devas shareholders against cancellation of Antrix deal, says FM

    Arbitration tribunals awarded $1.2 billion, plus cost and interest on pleas by Devas shareholders against cancellation of Antrix deal, the Union Finance Minister said, adding the commercial deal is roughly of $522.5 billion.  

  • January 18, 2022 / 05:12 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Liquidator has been appointed, winding up process will start soon, says FM 

    The Union Minister said that liquidator has been appointed and winding up the process will begin soon. "We are fighting to save taxpayers' money which otherwise would have gone to pay for the scandalous Antrix-Devas deal," FM said. 

  • January 18, 2022 / 05:10 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Govt fighting in every court so Devas does not get away with Antrix deal fraud, says FM 

    Addressing the media, the Union Minister said that the Narendra Modi-led government fighting in every court so that Devas does not get away with Antrix deal fraud. 

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  • January 18, 2022 / 05:02 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Antrix Devas deal was done against national security, says FM

    The FM said, "In 2005, when the deal was done, that itself was very controversial." She alleged that both the deal and SC's recent order reflect how UPA indulged in wrong practices. She added that the deal was done against national security and it should be Congress party's turn to tell how this kind of fraud was perpetrated on people of India. 

  • January 18, 2022 / 04:58 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: UPA govt never appointed an arbitrator in Antrix Devas case, says FM

    The FM said, "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 & making a deal out if it marks the feature of the Congress govts."

    The FM added that in 2011, when the whole thing was cancelled, Devas went to international arbitration. Hitting out at UPA government, she said, "Govt of India never appointed an arbitrator, was reminded to appoint arbitrator within 21 days, but govt didn't appoint."

  • January 18, 2022 / 04:49 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Antrix Devas deal was signed during UPA, it was a fraud against India

    The FM said said that she wanted to to draw everyone’s attention on the SC order on Antrix Devas. Sitharaman said that the Supreme Court upheld the NCLAT, NCLT order to liquidate Devas and the order us order is very comprehensive.

    "Antrix Devas deal was signed during UPA, it was a fraud against India," she said, adding, "Sitting UPA minister was arrested in the scandal related to the deal." She said that blatant selling of India's resources during congress government, union cabinet wasn't even aware of the deal. 

  • January 18, 2022 / 04:43 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Union Minister hits out at UPA govt for Antrix Devas issue

  • January 18, 2022 / 04:20 PM IST

    FM Nirmala Sitharaman press conference LIVE Updates: Union Minister to address media shortly

    A media advisory issued by the Centre read: "FM will address press conference today on an important economic issue, 18th January, at 4.30 pm , Press Conference Hall , National Media Centre."

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  • January 18, 2022 / 04:15 PM IST

    https://www.youtube.com/watch?v=zR6DYn-eGns
  • January 18, 2022 / 03:09 PM IST

     FM Nirmala Sitharaman press conference LIVE Updates: FM to brief media at 4:30 pm today

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