ED slaps FEMA notice to Devas in ISRO deal
The Enforcement Directorate on Monday issued a Foreign Exchange Management Act (FEMA) violation notice to Bengaluru-based Devas Multimedia in connection with a spectrum sharing deal with Antrix, the commercial arm of ISRO. Devas had allegedly made "wrongful" gains of ₹1,217 crore in the deal. Reportedly, the firm may have to pay ₹3,653 crore as penalty if the allegations are proven.