NEW DELHI : A Canadian court has allowed Devas Multimedia shareholders to continue to seize 50 per cent of Air India's funds that have been held by global airlines body IATA. The court also granted relief to the Airports Authority of India (AAI), freeing its funds that were seized by the Devas Multimedia shareholders. Earlier this month, the court had ordered seizure of funds of Air India and the Airports Authority of India (AAI), which have been held by the International Air Transportation Association (IATA), in a case filed by Devas Multimedia shareholders to enforce the arbitration award regarding Antrix deal's cancellation. Similarly, the IATA keeps funds of Air India's bookings that are done in foreign countries through global distribution systems such as Amadeus and Travelport. In a statement on Sunday, Devas's shareholders said they can “continue to seize Air India funds held at IATA (up to 50 per cent) retrospectively and prospectively" according to the court's latest order on Saturday.

Source: Mint January 10, 2022 07:24 UTC