Cabinet scraps ISRO-Devas deal
By IANSThursday, February 17, 2011
NEW DELHI - The government Thursday terminated the deal between Antrix, the commercial arm of space agency ISRO, and private company Antrix on allocation of the S-band spectrum.
The decision was announced by union Law Minister M. Veerappa Moily following a meeting of the cabinet committee on security.
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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