Devas-Antrix deal: Deutsche Telekom seeks security deposit as India seeks stay, citing fraud

German telecom major Deutsche Telekom, which has moved a US federal court for enforcement of an international compensation award of $135 million from the Government of India (GoI) over the failed 2005 Devas-Antrix deal, has sought the posting of the full amount as security by India even as the GoI has sought a stay in the proceedings, citing a case filed in a Swiss court against the compensation award.

In April 2021, Deutsche Telekom filed a petition in the US District of Columbia court seeking confirmation of compensation of over $135 million (including interest) awarded by a Permanent Court of Arbitration in Geneva in 2020 over the annulment of a satellite deal signed in 2005 by a Bengaluru based start-up Devas Multimedia (where Deutsche Telekom had stakes)