STF na Mídia - MyClipp

Business Line/ - Markets, Sex, 30 de Março de 2012
CLIPPING INTERNACIONAL (Supreme Court)
Babbio is Devas Multimedia’s new
Chairman
Bangalore, March 29:
Devas Multimedia’s Chairman, Dr M.G.
Chandrasekhar, has resigned, the company has said.
Mr Lawrence T. Babbio, who replaces him, is a senior
adviser to private equity major Warburg Pincus. Mr
Babbio is the former Vice-Chairman and President of
US telecommunications operator Verizon. He is also
on the board of Hewlett Packard and Aramark, the
statement said.
The Bangalore-based Devas, set up in December
2004, is being probed by the Enforcement Directorate
for its overseas investments 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 in London over the cancelled
contract. 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 to
come up in early April.
Dr Chandrasekhar relinquished the post effective
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.
The statement said: “Devas Multimedia welcomes Mr
Babbio as Chairman of the board and will look to his
leadership as the company moves forward. The board,
with regret, has accepted Dr Chandrasekhar’s
resignation and noted its appreciation for the able
leadership rendered during his tenure as Chairman.’’
21