The Modi government on Tuesday said it will oppose the international arbitration rulings favouring Devas Multimedia, a day after the Supreme Court upheld the National Company Law Appellate Tribunal’s (NCLAT) order to wind up the company.

Finance minister Nirmala Sitharaman said the process of liquidating the company would start soon as she targeted the Congress for handing over airwaves used by the defence to the private firm.

Under a 2005 agreement, Antrix, the commercial arm of the Indian Space Research Organisation, had agreed to operate two satellites and lease out 90 per cent of the satellite transponder capacity to Devas.

The Congress-led government cancelled the deal in 2011, but Devas challenged the decision and was awarded over $1.1 billion.

However, a statement by Devas shareholders said despite the ruling from the Indian Supreme Court, Devas shareholders will continue the pursuit of Indian assets across the globe.

Its shareholders are pursuing Indian assets abroad to recover the award and have got a French court order for freezing Indian properties in Paris and got partial rights over funds maintained by Air India in Canada.

The apex court in its ruling said the commercial relationship between Antrix and Devas was a “product of fraud perpetrated by Devas”. Sitharaman said this was a “comprehensive verdict”.