Adviser to Devas shareholders welcomes move

An adviser to Devas shareholders welcomed the Bill to remove the retrospective aspect of the controversial 2012 amendment to the income tax law, saying it was an encouraging sign, but said it does not address arbitration awards.

“The reports of the legislation, if true, are an encouraging sign that India intends to reverse course in its shabby treatment of investors. However, the Bill does not address India’s refusal to honour international arbitration awards or bilateral investment treaties,” said Jay Newman, senior adviser to Devas Shareholders.

“We hope this changes, but until then, Devas shareholders will continue to enforce our legal rights in India and around the world for as long as it takes to obtain justice,” he added.


Devas and its affiliates claim they are owed more than $1.5 billion by the government. The dispute relates to the cancellation of a satellite deal between Antrix Corp, the commercial arm of Isro and Devas in 2011. Devas sought arbitration and eventually won the award.

In October 2020, the US federal court for the western district of Washington upheld the International Chamber of Commerce’s arbitration award of over $1.2 billion ($562 million plus interest) given in 2015.