Devas shareholders move another arbitration

Shareholders have demanded that since Devas Multimedia has been wound up, the Government of India must pay the $1.3-billion award from the International Chamber of Commerce directly to the claimants. File (Source: The Hindu)

Devas shareholders have launched new arbitration proceedings against the government of India after the Supreme Court had last month upheld the NCLAT order for winding up Devas Multimedia.

On Wednesday, the shareholders served the government the notice of arbitration under the Arbitration Rules of the United Nations Commission on International Trade Law (1976) (UNCITRAL).