Summary

Date: 29.06.2021

Title: ‘Devas Multimedia joins Cairn in its attempt to seize overseas assets of Air India
row’

Devas Multimedia Pvt. Ltd. With Cairn Energy PLC in its attempt to seize Air India Ltd.’s assets
including planes, cargo handling equipment and artwork abroad will likely threaten India’s plan to
sell the debt-ridden loss-making Air India.

This could further affect India’s image as an investment destination following previous losses it faced
last year in a $3 billion tax dispute against Vodafone Group Plc and with Cairn for $1.2 billion
dispute.

Furthermore, Devas Multimedia Pvt. ltd. had previously also won court cases against Government of
India with an arbitration tribunal and a separate proceeding at the International Chamber of
Commerce involving the state owned Antrix Corp on the grounds of Devas Multimedia Pvt. ltd. citing
force majeure.

In an interesting turn, the Supreme Court of India in November 2020 halted the implementation of
the $1.2 billion award citing the discovery of a serious fraud in all transactions including the
arbitration agreement.

Source:

https://www.moneycontrol.com/news/business/devas-multimedia-joins-cairn-in-its-attempt-to-
seize-overseas-assets-of-air-india-7102941.html

By: Rahul Garg

Roll No: 2111224