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Business Line/ - Markets, Sex, 30 de Março de 2012
CLIPPING INTERNACIONAL (Supreme Court)
Devas Chairman steps down
Bangalore, March 30:
Devas Multimedia's Chairman, Dr M.G.
Chandrasekhar, has resigned, the company has said.
Mr Lawrence T. Babbio, who has replaced him, is a
senior adviser to private equity major Warburg Pincus.
Mr Babbio is the former Vice-Chairman and President
of telecommunications operator Verizon, besides
serving on the board of Hewlett Packard and Aramark,
a statement says.
The Bangalore-based Devas is being probed by the
Enforcement Directorate for its overseas investment
and equity dealings. A year ago, the Centre cancelled
a controversial 2005 contract for two satellites and use
of the S-band spectrum that it signed with ISRO arm
Antrix Corporation.
Devas started arbitration over it in London. Antrix and
Devas are now fighting over the jurisdiction of
settlement in both the Supreme Court and the
Karnataka High Court. The case is due in early April.
Dr Chandrasekhar relinquished the post effective from
March 16, 2012 but remains a Director of the
company. He was ISRO's Scientific Secretary in early
1990s and a top official in the defunct WorldSpace
digital radio company.
madhu@thehindu.co.in
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