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On Tuesday, at 4.30 p.m. in the national capital, Union Finance Minister Nirmala Sitharaman will hold a press conference on a “important economic issue.” According to a government media advisory, “FM will conduct a press conference today, 18th January, at 4.30 pm, Press Conference Hall, National Media Centre,” on an important economic problem.

The current state of the Antrix Devas issue and the significance of the Supreme Court judgement may be reaffirmed by Finance Minister. Devas Multimedia and its parent company Devas Employees Mauritius filed an appeal against the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal, which was dismissed by the Supreme Court on Monday (NCLAT). Devas Multimedia had been ordered to close by both the NCLT and the NCLAT. The NCLT’s decision to wound up the corporation was supported by the Supreme Court.

Antrix Corp, the commercial arm of the Indian Space Research Organisation (ISRO), had filed a fraud complaint against the firms under sections 271 and 272 of the Companies Act 2013. The corporation had been ordered to be wound up by NCLT, which was backed up by NCLAT.

Devas, which had been heralded as the forerunner of India’s breakthrough digital media and broadcasting services, turned out to be a fraud case that the CBI is investigating.

Antrix claimed that the agreement mentioned three technologies: DEVAS2 Technology, DEVAS services, and DEVAS device—but none of these existed at the time Devas was formed or when the agreement was signed. Antrix had accused the corporation of breaking SATCOM regulation, altering meeting minutes, and the “shocking nature” of financial frauds.

“All grounds for challenging the NCLT and NCLAT’s concurrent orders are untenable in our opinion. As a result, Devas Multimedia’s appeals have been denied “According to a SC panel,

“We don’t know if Antrix’s decision” to have Devas killed sends the incorrect message to the community, it had stated. Allowing Devas and its stockholders to “reap the rewards” of their deceptions, on the other hand, may “send another incorrect message.”

“The 133 investors can hope to gain tens of thousands of crores of rupees even after syphoning off Rs 488 crore by using fraudulent ways and bringing an investment of Rs 579 crore into India,” the Supreme Court had observed.