NCLT admits ISRO-arm Antrix Corp. supplication to liquidate Devas mixed media for getting contract from Govt. through misrepresentation

  • Corporate Law

In the instant case, the NCLT admitted plea filed by ISRO-arm Antrix Corporation Limited to wind up Devas multimedia under section 271 and Section 272 of Companies Act, 2013 for obtaining contract from Govt. Through fraud. 

On prima facie finding the Tribunal observed that respondent No. 1 company was incorporated and obtained a contract from the Government of India within one and a half months of its inception without any technical experience, by resorting to various frauds, misfeasance, connived with officials etc. The NCLT also directed the appointment of provisional liquidator to take into account or control all property, effects and actionable claims to which respondent No. 1 company was or appeared to be entitled to and take such steps and measures, as may be necessary, to protect and preserve and misuse the company.