Devas Multimedia falsely claimed to have IPR of hybrid technology: CBI

NEW DELHI: Devas Multimedia had pocketed the deal with Antrix within a month of its inception on the basis of an allegedly false claim that it has IPR of a new technology for delivering multimedia content which saw its share price skyrocket 12,5000 times, according to CBI.

In its chargesheet filed recently, CBI has claimed that the deal was bagged on the basis of false claims that Devas has Intellectual Property Rights to use a hybrid technology of satellite as well as terrestrial signals to deliver multimedia content to users.

The agency alleged that while the company was set up on December 17, 2004, it entered the deal with Antrix, commercial arm of ISRO, on January 28, 2005.

It alleged in the chargesheet that Antrix did not do due diligence to the claims made by the company and even concealed the deal with Devas Multimedia from Space Commission and other “competent authority” when it sought budgetary sanction for building the satellite.

The deal helped Devas Multimedia rake in the moolah with its share price surging from Rs 10 per share at the time of inception to Rs 1.25 lakh after the deal was signed, CBI alleged in the charge sheet.