Confident that beal with Antrix will be fulfilled

New Delhi: Devas Multimedia today said it was confident that its controversial agreement with Antrix Corporation for lease of bulk S-band transponders of two ISRO satellites will be fulfilled despite the delay by the space agency.

"Devas and its investors are confident that once the current misperceptions and inaccuracies are cleared, the legally binding Agreement we entered into in good faith will be fulfilled, despite the delay of over 2 years that has caused DOS/ISRO/Antrix to be in material breach," Ramachandran Viswanathan, President & CEO, Devas Multimedia said in a statement.

He welcomed the Space Commission`s decision to await the report of a high-powered committee on its deal with Antrix Corporation.

"The immediate launch of GSAT 6 and Devas services will deliver the innovative and vital services that were envisioned at the outset of the project in 2005," Viswanathan said.

The Commission, at a meeting chaired by K Radhakrishnan today, was apprised of the actions taken on terminating Antrix`s deal with Devas Multimedia which reportedly could have caused Rs two lakh crore loss to the national exchequer.

Radhakrishnan said the Cabinet Committee on Security will take a final decision on the Space Commission recommendation to terminate the contract with Devas.

"We will cooperate with the Government in participating in the forthcoming reviews and are committed to provide any requested information or clarifications, as stated earlier," Viswanathan said.