Investors in Devas Multimedia said on Thursday they had received a Paris court’s permission to attach as collateral an apartment of the Indian Deputy Chief of Mission in the French capital valued at €3.8 million, in connection with arbitration awards won by the telecommunications firm after India cancelled the Antrix deal.
This comes close on the heels of a Canada court on January 8 allowing Devas investors to seize 50% of Air India’s assets held by the International Air Transport Association (IATA).
“A Paris court has awarded Devas shareholders a lien on a Paris apartment that houses the Indian Deputy Chief of Mission in the posh 16th arrondissement,” Devas said in a statement.
A lien is a legal claim on an asset for the satisfaction of a debt.
The order was passed in September 2021 and Devas said it received a confirmation in November.
“India has assets like this all over the world. This is just the beginning. We are planning many more seizures,” the statement quoted Jay Newman, senior adviser to Devas shareholders.
