Devas Multimedia seizes $87,457 cash in US in Antrix Corporation dispute

Devas Multimedia has seized USD 87,457.47 cash that ISRO’s commercial arm Antrix Corporation held in the US as it looked to enforce a USD 1.2 billion compensation it had won over a cancelled satellite deal, its lawyer said on Wednesday.

Devas Multimedia America Inc had sought seizure of USD 145,000 but the actual recovery was USD 87,457.47 (a little less than Rs 70 lakh). This came after it secured a favourable order from the Eastern District Court of Virginia, Matthew D McGrill said.

Originally, the company stated that it had seized USD 145,000 cash but later clarified that the actual seizure was lower than that amount.