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NCLT, Bengaluru Orders Forcible Liquidation and Winding Up of Devas Multimedia - (27 May 2021)


National Company Law Tribunal, Bengaluru has ordered the forcible liquidation and winding up of Devas Multimedia by allowing a petition filed Indian Space Research Organization's commercial arm Antrix Corporation Limited. The Tribunal has held that Devas was incorporated in a "fraudulent manner to carry out unlawful purposes" and its management resorted to "fraudulent activities" in relation to the commercial contract with Antrix.


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