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Home Business FM Nirmala Sitharaman to Address Press Conference Today to Discuss Antrix-Devas Case

FM Nirmala Sitharaman to Address Press Conference Today to Discuss Antrix-Devas Case


Finance minister Nirmala Sitharaman will address a press conference on Tuesday, January 18. An important economic issue will be briefed during the press conference, according to the advisory released by the Centre. “FM Nirmala Sitharaman will address press conference today on an important economic issue, 18 th Jan, at 4.30 pm in Delhi,” the advisory mentioned.

Finance minister will clear the air about the Antrix Devas issue, according to CNBC sources.

The Supreme Court on January 17 dismissed an appeal by Devas Multimedia Pvt. Ltd and parent Devas Employees Mauritius Pvt. Ltd against the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) orders. In January 2021, an NCLT bench had filed a petition by Antrix Corp. Ltd, the commercial arm of Indian Space Research Organization’s (ISRO’s), urging the tribunal to allow the winding up of Devas Multimedia for fraud. Following this, the NCLAT also upheld the order of the NCLT.

“If the seeds of the commercial relationship between Antrix [commercial arm of the Indian Space Research Organisation (ISRO)] and Devas were a product of fraud perpetrated by Devas, every part of the plant that grew out of those seeds, such as the agreement, the disputes, arbitral awards, etc., are all infected with the poison of fraud. A product of fraud is in conflict with the public policy of any country, including India. The basic notions of morality and justice are always in conflict with fraud,” Justice V. Ramasubramanian of Supreme Court wrote.

Budget 2022 Expectations:

It must be mentioned that the Centre is all set to present the Union Budget 2022 on February 1. Middle class salaried expect a host of measures from finance minister Nirmala Sitharaman in Union Budget 2022. From simplifying National Pension System (NPS) to work from allowance, a bouquet of proposals have been shared with finance minister for the upcoming budget.

Sharing the budget expectations for Union Budget 2022,

Saurav Basu, head of wealth Management at Tata Capital, said “In order to provide relief to the taxpayers, the government could consider introducing reforms to expand ELSS category savings to include fixed incomes, rather than just equity schemes to provide investors with more choice. We are also looking forward to the finance minister’s views on capital gains tax to simplify and bring uniformity in the structure.

“In terms of the income tax, we expect the government to revise the tax slabs or increase standard deduction so that people would have more disposable income. On the direct taxes front, the government should also provide some key concessions that will help to promote broader macro goals like employment,” he further added.

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