The Supreme Court of Netherlands refused to overturn $111.3 million arbitral award levied by the District Court of Hague, finding the Indian government liable for improperly terminating the Devas-Antrix deal in 2011.
Ras Al-Khaimah Investment Authority’s claim that non-supply of bauxite from Visakhapatnam was in breach of the Bilateral Investment Treaty between India and the UAE was dismissed by the International Dispute Resolution Centre.
The shareholders are seeking compensation commensurate with an arbitration award of $1.3 billion and have demanded that since Devas has been wound up, India must pay the award directly to the claimants.
As part of the settlement reached with the Indian government over the levy of back taxes, the company has withdrawn all cases that were brought to collect the tax refund ordered by an international arbitration tribunal.
Finance minister said the Modi administration would contest multiple arbitration awards won by shareholders of Devas Multimedia Pvt. Ltd over a cancelled contract on the strength of the Supreme Court’s validation of the fraud charges against the company.