Court in The Hague rejects Indian govt plea against $111-million award to Devas investors

Subject: IR

Section: International organisation

Context: Court in The Hague rejects Indian govt plea against $111-million award to Devas investors

More about the news:

The district court of The Hague has rejected India’s request to set aside a compensation award of $111 million, awarded to foreign investors in the Bengaluru satellite services startup Devas Multimedia, over the cancellation of a 2005 satellite deal with ISRO’s Antrix Corporation.
The tribunal’s award was made in favor of three Mauritius-based investors in Devas Multimedia in 2020.
India’s plea was based on a Supreme Court order from January 2022, upholding the liquidation of Devas Multimedia on charges of fraud.
The district court ruled that the allegations of fraud had already been considered and rejected by the Court of Appeal of The Hague, and thus the award stands.

What is United Nations Commission on International Trade Law (UNCITRAL):

The United Nations Commission on International Trade Law is a subsidiary body of the United Nations General Assembly.
Its mandate is to further the progressive harmonization and unification of the law of international trade.
It is the core legal body of the United Nations system in the field of international trade law.
UNCITRAL was established by the UN General Assembly in 1996.
The Commission is composed of seventy Member States elected by the General Assembly.
Membership is structured so as to be representative of the world’s various geographic regions and its principal economic and legal systems.
Members of the Commission are elected for terms of six years, the terms of half the members expiring every three years.