New Delhi: Devas Multimedia has hit back at the Government over what it calls are delays in the S-band spectrum deal. Devas Multimedia President and CEO Ramachandran Viswanathan issued a statement on Thursday claiming that the deal with Antrix Corporation, the commercial arm of Indian Space Research Organisation (ISRO), had all the necessary approvals and the delivery has been delayed by over two years.
"Devas Multimedia has a legally binding Agreement with Antrix Corporation, the wholly owned commercial arm of the Government of India's Dept of Space / ISRO, dated January 28, 2005. Devas proceeded with the project after required consents and approvals were obtained within GOI, culminating with Space Commission and Union Cabinet, and the same were confirmed to us by Antrix in Feb 2006," said the statement.
Devas claimed that all foreign direct investment have been approved by with due Foreign Investment Promotion Board (FIPB).
"Devas has fulfilled all of its obligations in respect of the Agreement over the past 6 years and now awaits the delivery of the contracted space segment capacity, which is more than 2 years delayed per the Agreement. Devas has secured appropriate approvals from GOI related to conducting its business. All foreign direct investment into Devas has also been with due FIPB approvals and in full compliance with government regulations," the statement said.
"Devas, its investors - Deutsche Telekom, Columbia Capital, Telcom Ventures - and its partners have invested significant time, capital and resources in developing an innovative, novel, integrated satellite system to serve the needs of the Indian consumers and government agencies, including for strategic applications. Devas has developed technologies that are essential for the delivery of advanced services, including societal, strategic and commercial applications, through ISRO’s GSAT 6 and 6A satellites," it said.
"Devas promoters and management have significant experience in the satellite industry both in India and in overseas markets. The current Chairman and Chief Technology Officer were previously with ISRO in senior positions, and their affiliation to Devas came much after leaving from ISRO in December 1997 and April 1998 respectively, and is in full compliance with the Government of India's rules," it added.
The Government has already constituted a two-member committee comprising of Planning Commission member and former cabinet secretary BK Chaturvedi and Space Commission member Roddam Narasimha.
The committee constituted on Wednesday will review the technical, commercial, procedural and financial aspects of the agreement between Antrix and Devas Multimedia, and to review the adequacy of procedures and approval processes followed by Antrix, ISRO and Department of Space, and to suggest improvements and changes.
The Committee has been directed to submit its recommendations to Prime Minister Manmohan Singh within one month.
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