Devas seizes $87k worth Antrix assets in arbitral award enforcement

Devas Multimedia Inc has seized cash worth Rs 69.5 lakh belonging to Antrix Corp, following a US court award that allowed Devas to go after any assets of Antrix in the US, according to a US court order seen by ET.

The Devas shareholders are enforcing an International Chamber of Commerce arbitral award of $1.2 billion to Devas, owed by ISRO commercial arm Antrix that scrapped a satellite deal with the company in 2011, leading to a decade-long legal battle.