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Research Organization’s (ISRO’s), urging the tribunal to allow the winding up of Devas Multimedia for fraud. Following this, the NCLAT also upheld the order of the NCLT.
“If the seeds of the commercial relationship between Antrix [commercial arm of the Indian Space Research Organisation (ISRO)] and Devas were a product of fraud perpetrated by Devas, every part of the plant that grew out of those seeds, such as the agreement, the disputes, arbitral awards, etc., are all infected with the poison of fraud. A product of fraud is in conflict with the public policy of any country, including India. The basic notions of morality and justice are always in conflict with fraud,” Justice V. Ramasubramanian of Supreme Court wrote.
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Source: News18