Case Law Details
Devas Multimedia Private Ltd. Vs Antrix Corporation Ltd. (Supreme Court of India)
Facts- The company, Devas Multimedia Pvt. Ltd., in liquidation has challenged an order of winding up passed by the National Company Law Tribunal under section 271(c) of Companies Act, 2013. The order was confirmed by the National Company Law Appellate Tribunal.
It is contended that the criminal complaint filed for the offences punishable under Section 420 read with Section 120B IPC, has not yet been taken to its logical end. Therefore, it is contended that in case the officials of Antrix and shareholders of Devas are acquitted after trial, the clock cannot be put back, if the company is now wound up. Attractive as it may seem at first blush, this contention cannot hold water, if scrutinized a little deeper. The standard of proof required in a criminal case is different from the standard of proof required in the proceedings before NCLT.
It is also contended that the actual motive behind Antrix seeking the winding up of Devas, is to deprive Devas, of the benefits of an unanimous award passed by the ICC Arbitral tribunal presided over by a former Chief Justice of India and the two BIT awards and that such attempts on the part of a corporate entity wholly owned by the Government of India would send a wrong message to international investors.
Conclusion-
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