A French court has ordered freezing of an Indian government property in Paris on a plea by Devas shareholders who are seeking to enforce a $1.3 billion arbitration award over a cancelled satellite contract, according to the court order copy.

The court allowed Devas shareholders to register a “Hypotheque Judiciaire” or a judicial mortgage on a Paris apartment in the posh 16th arrondissement. The building previously served as the residence of the Indian deputy chief of mission and is valued at 3.8 million euros.

Jay Newman, senior adviser to Devas shareholders, said, “India has assets like this all over the world. This is just the beginning. We’re planning many more seizures.”

No immediate comment could be obtained from either ISRO or the government over the latest move by Devas.

The property is the same one that Britain’s Cairn Energy froze in July last year in an attempt to get New Delhi to pay $1.2 billion that an international arbitration tribunal had awarded, overturning levy of taxes on the company retrospectively.

A month later, the government brought a law to annul all retrospective tax demands and refund all money collected to enforce such demands. Cairn has since withdrawn all cases it brought across the world to collect the arbitration award and is now entitled for a Rs 7,900 crore refund. Devas shareholders moved the French court on September 24, 2021.

According to the French court document, three investors — CC/Devas Mauritius, Telcom Devas Mauritius and Devas Employees Mauritius — had moved for the seizure of assets of the Indian government to enforce the arbitration award ordering compensation for the cancellation of the Devas-Antrix satellite deal.