Devas falsely claimed to have IPR of hybrid technology: CBI

New Delhi, Aug 18 (PTI) Devas Multimedia had pocketed thedeal with Antrix within a month of its inception on the basisof an allegedly false claim that it has IPR of a newtechnology for delivering multimedia content which saw itsshare price skyrocket 12,5000 times, according to CBI. In its charge sheet filed recently, CBI has claimed thatthe deal was bagged on the basis of false claims that Devashas Intellectual Property Rights to use a hybrid technology ofsatellite as well as terrestrial signals to deliver multimediacontent to users. The agency alleged that while the company was set up onDecember 17, 2004, it entered the deal with Antrix, commercialarm of ISRO, on January 28, 2005. It alleged in the charge sheet that Antrix did not do duediligence to the claims made by the company and even concealedthe deal with Devas Multimedia from Space Commission and other"competent authority" when it sought budgetary sanction forbuilding the satellite. The deal helped Devas Multimedia rake in the moolah withits share price surging from Rs 10 per share at the time ofinception to Rs 1.25 lakh after the deal was signed, CBIalleged in the charge sheet. It claimed that the company also managed to get a ForeignDirect Investment of Rs 579 crore after the deal. CBI alleged that Antrix was not competent to sign the dealwith Devas as the claim was about a new technology whichneeded sanction from Department of Space, Space Commission andother functionaries of the Government. The agency has alleged that according to SATCOM policy,the deal should have been executed by Department of Spaceinstead of Antrix. The case relates to leasing S-Band, restricted wavelengthof the INSAT satellites to deliver video, multimedia andinformation services to mobile receivers in vehicle and mobilephones to a private company Devas Multimedia by Antrix, thecommercial arm of ISRO. It was alleged in the FIR that the lease was given inviolation of rules causing undue gain of Rs 578 crore to DevasMultimedia and corresponding loss to the exchequer. PTI ABSZMN