Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect US$1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal, the counsel said.
'The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. Their allegations of fraud will never stand up in courts outside of India,'' stated Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
Devas shareholders are pursuing Indian assets abroad to recover the awards and have got a French court order for freezing Indian properties in Paris and got partial rights over funds maintained by India funds in Canada.
''We have already entered liens or obtained seizure and garnishment orders on tens of millions of dollars in Indian state assets,'' stated Devas Multimedia.
(With inputs from PTI)
