Money Laundering in Antrix-Devas deal

The deal between Antrix and Devas was fixed in principle in January, 2005, for lease of S-Band transponders.
However, the then Executive Director of Antrix signed it on behalf of Antrix six months later only after ensuring that Chandrashekhar and Vishwanathan were majority stakeholders in Devas multi-media, which roles they continued till 2008-09.

The change in the board, where a US company represented by Chandrashekar and Vishwanathan had majority stakes, was never verified by Antrix as the agreement had gone in violation of Shankara Committee, which had recommended execution of any such agreement with an Indian company only.
Antrix had signed a deal with Devas in January, 2005, to provide it with crucial S-Band wavelength, which is primarily kept for strategic interests of the country.

The spectrum was meant for running digital multi-media service by leasing 90 per cent transponders on two satellites – GSAT-6 and GSAT-6A.
Following complaints of massive irregularities, the then government scrapped the contract in 2010 and ordered an inquiry by a high-powered review committee headed by the then CVC Prityush Sinha in February last year.

The Enforcement Directorate (ED) has registered a money laundering case to probe alleged Rs. 578 crore “wrongful” gain to private multi-media company Devas by Antrix, the commercial arm of ISRO