The Supreme Court on Monday junked an appeal filed by Devas Multimedia, challenging an order to wind up the company. A bench comprising, Justice Hemant Gupta and Justice V Ramasubramanian, dismissed the appeal filed by Devas Multimedia. 

The National Company Law Tribunal (NCLAT) had upheld the earlier order of the Bengaluru bench of the National Company Law Tribunal (NCLT). The NCLT had on May 25 last year directed winding up of Devas Multimedia and 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 had said that 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 before the Chennai bench of NCLAT, which had dismissed the petition. 

According to Devas, what this agreement intended to achieve was first-of-its-kind and a tremendous innovation. As a result, Devas introduced and utilised technologies like never before and was a huge revenue generator for Antrix.