A Permanent Court of Arbitration tribunal has found the Indian government responsible for acting “unfairly” and “inequitably” in unilaterally terminating a contract between Devas Multimedia, a telecom firm based in Bangalore and Antrix, the commercial branch of the Indian Space and Research Organisation. The tribunal held that the Indian government failed to provide fair and equitable treatment to Devas’s foreign investors, who filed the claim, and has passed an order of financial compensation for the investors in an amount which has not been made public. The contract, entered into in 2005 and terminated in 2011, related to the use of the S-band spectrum and transponder space on two Indian satellites.

This award follows a previous ICC award in September 2015 against Antrix where it was ordered to pay Devas Multimedia damages in the region of US$670 million.