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.
Huawei anunció el domingo haber activado un procedimiento de arbitraje contra Suecia, ante el Grupo del Banco Mundial, tras la prohibición al gigante chino de telecomunicaciones de vender sus productos 5G en el país nórdico.
Huawei a déclaré dimanche avoir déclenché une procédure d’arbitrage contre la Suède, après l’interdiction faite au géant chinois des télécoms de vendre ses produits 5G dans le pays nordique.
Huawei said that it has initiated arbitration proceedings against Sweden under the World Bank Group after the Nordic country banned the Chinese tech giant from rolling out its 5G products.
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.
Two separate arbitrations were also initiated under the bilateral investment treaty BIT by Mauritius investors in Devas Multimedia under the India-Mauritius BIT and by Deutsche Telekom under the India Germany BIT.
The shareholders had sought the right to seize all sum or moveable property of India and/or AAI being held by the International Air Transport Association.