The International Tribunal in The Hague has ruled against the government of India in a case filed by Devas Multimedia over a dispute involving Indian Space Research Organisation (ISRO). India may have to pay up to $1 billion in damages, a television report said.
The tribunal's decision could damage India's reputation with international investors. The fallout of the Devas agreement of 2005 is probably the most serious crisis that ISRO has faced in its history. The contract, involving two satellites and the spectrum they were to use, was canceled by Antrix, which is the commercial arm of the ISRO.
Devas filed its case at the international court of arbitration in 2015. Antrix had agreed to lease long-term two satellites operating in the S-band spectrum. The contract was canceled in 2011. The tribunal has found that doing so, the government acted unfairly, causing inordinate losses to investors in Devas Multimedia.