Government cancels ISRO-Devas deal (Lead)

February 17th, 2011 - 3:00 pm ICT by IANS  

ISRO New Delhi, Feb 17 (IANS) The government Thursday cancelled the deal between Antrix, the commercial arm of Indian space agency ISRO, and private company Devas on the allocation of S-band spectrum. The decision was announced by union Law Minister M. Veerappa Moily following a meeting of the cabinet committee on security.

“The government is prepared for the legal challenge posed by Devas,” an official said.

The Comptroller and Auditor General has indicated that the deal between Antrix Corporation and Devas caused the nation an estimated loss of Rs.2 lakh crore.

The government had denied that the nation suffered revenue losses in the allocation of space spectrum using S-band - high value and scarce radio waves - in the deal.

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