Home Law & Policy Law Antrix slapped with $672 million fine

Antrix slapped with $672 million fine

India: The Indian Space Research Organization is facing the worst crisis in its history. An international tribunal has asked ISRO to pay damages worth $672 million to Devas Multimedia for "unlawfully" terminating a deal four years ago on grounds of national security.

Under a 2005 deal, Antrix was to launch two operating satellites and provide 70 MHz of the limited S-Band wavelength to Devas for its digital multimedia services. In return, Antrix would have received $300 million from Devas over a period of 12 years. However, following a lapse in procedures, the government scrapped this deal. This is when Devas resorted to the course of law.

Source: IBN