JUDGMENT

Subramonium Prasad, J. The instant appeal, under Section 37 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Arbitration Act" 'or "the A&C Act"), has been filed against the Judgment dated 29.08.2022 ("Impugned Judgment") passed by the Learned Single Judge in O.M.P. (Comm.) No. 11/2021, filed by Respondent No. 1 ("Antrix"') under Section 34 of the Arbitration Act (hereinafter referred to as "Section 34 Petition") to challenge the ICC Arbitral Award dated 14.09.2015 ('hereinafter referred to as "'the ICC Award") passed in favour of the Respondent No. 2 ("Devas"). The Ld. Single Judge, vide the Impugned Judgment has set aside the ICC Award under Section 34 of the Arbitration Act on the grounds that it suffers from fraud, patent illegality and is in conflict with the public policy of India.

BRIEF BACKGROUND

2. The Appellant herein ("Devas Employees Mauritius Pvt. Ltd." or "DEMPL") is a company incorporated under the laws of Mauritius and is a shareholder, owning 3.48% of the issued and paid-up equity share capital of Respondent No. 2/Devas Multimedia Private Limited ("Devas"). Respondent No. 2 is a company incorporated under the Companies Act, 1956 which has since been wound up under the provisions of the Companies Act, 2013 and is represented in the present proceedings through its Official Liquidator.

3. The Respondent No.1/Antrix Corporation Limited, is a company incorporated under the Companies Act, 1956, and is the commercial arm of the Indian Space Research Organisation (ISRO) which is wholly owned by the Government of India.

4. Respondent No.1/Antrix entered into a Memorandum of Understanding (MOU) with Forge Advisors, LLC, a Virginia Corporation, USA. Forge Advisors made a presentation to Respondent No.1/Antrix Corporation Limited proposing an Indian Joint Venture which has now came to be known as "DEVAS" (Digitally Enhanced Video and Audio Services). It was projected in the said proposal that DEVAS platform will be capable of delivering multimedia and information services via satellite to mobile devices tailored to the needs of various market segments. This presentation was followed by a proposal to form a strategic partnership to launch DEVAS that delivers video, multimedia and information services via satellite to mobile receivers in vehicles and mobile phones across India. Under the said proposal, it was contemplated to form a joint venture which would cast an obligation on the part of ISRO and Antrix, to invest in one operational S-Band satellite with a ground space segment to be leased to the joint venture. In return, ISRO and Antrix were to receive lease payments of USD 11 million annually for a period of 15 years. In pursuance of the said proposal, several meetings were held between the representatives of Forge and ISRO/Antrix. On 17.12.2004, Devas Multimedia Private Limited, Respondent No.2 herein, was incorporated as a private company under the Companies Act, 1956, and the Respondent No.1/Antrix entered into an Agreement with Respondent No.2/Devas Multimedia Private Limited on 28.01.2005. The said Agreement was titled as "Agreement for the lease of space segment capacity on ISRO/Antrix S-Band spacecraft by DEVAS". The preamble of the said Agreement stated that Devas was developing a platform capable of delivering multimedia and information services via satellite and terrestrial system to mobile receivers, tailored to the needs of various market segments in the country and in return Devas ha