Supreme Court upholds tribunal decision to wind up Devas

The Ministry of Corporate Affairs (MCA) had also initiated an investigation into the affairs of Devas Multimedia but a stay was granted by the Delhi High Court. File (Source: The Hindu)

The Supreme Court on Monday upheld a National Company Law Tribunal (NCLT) decision to wind up Devas (Digitally Enhanced Video and Audio Services), once touted as a move to revolutionise digital media and broadcasting services via satellite but ended up as a case of fraud and corruption under CBI investigation. It noted that what started out as ‘DEVAS’ (gods) “ultimately turned out to be ‘ASURAS’ [demons]”.

Explained | The Devas arbitration