NCLT directs to initiate liquidation of Devas Multimedia
By MYBRANDBOOK
The National Company Law Tribunal (NCLT) has asked to initiate the liquidation process of Devas Multimedia. The petition filed by Antrix Corporation, a commercial arm of the Indian Space Research Organisation.
The Bangalore bench of the NCLT has said Devas Multimedia was incorporated with a fraudulent motive to collude and connive with the then officials of Antrix Corporation to get bandwidth from it by entering into an agreement in 2005, which was subsequently cancelled by the government.
In January 19, the appointment of the provisional liquidator by the tribunal is also confirmed by it. The tribunal directed him to take ‘‘expeditious steps to liquidate’’ the company to prevent it from perpetuating its fraudulent activities and abusing the process of law.
‘‘The incorporation of Devas itself was with fraudulent motive and unlawful object to collude and connive with then officials of Antrix and to misuse/abuse process of law, to bring money to India and divert it under dubious methods to foreign countries,’’ the tribunal noted.
‘‘In the light of the aforesaid facts and circumstances of the case, after duly considering the legal position on the issue and by exercising the power conferred on the tribunal… company petition is allowed by ordering to wind up Devas Multimedia Pvt Ltd,’’ said a two-member NCLT bench - comprising R, Rao Vittanala and Ashutosh Chandra - in its order passed on May 25. The liquidator has to submit a report by July 7.
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