Devas Multimedia to go for liquidation
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
The National Company Law Tribunal (NCLT) has ordered the liquidation of Devas Multimedia.
The Bengaluru bench of the tribunal recently allowed the winding-up by allowing a petition filed by the Indian Space Research Organisation's commercial arm Antrix Corporation Ltd.
The two-member bench observed that Devas was incorporated in a "fraudulent manner to carry out unlawful purposes" and its management resorted to "fraudulent activities" in terms of the commercial deal with Antrix.
The order said: "In the light of aforesaid facts and circumstances of the case, after duly considering the legal position on the issue and by exercising the power conferred on the tribunal under provisions of Section 273 of the Companies Act, 2013 and the Companies (Winding Up) Rulesis allowed by ordering to wind up Devas Multimedia Pvt Ltd."
The NCLT has directed the provisional liquidator to take "expeditious" steps to liquidate the company in a bid to prevent it from perpetuating its fraudulent activities and abusing the process of law.
