Bangalore: Devas Multimedia on Saturday welcomed the decision of the Indian Space Commission to await the result of the review of its pact the Indian space agency over allocation of S-band frequency before taking a call on whether to annul the pact.
"We will cooperate with the government in participating in the forthcoming reviews and are committed to provide any requested information or clarifications," Devas, a Bangalore-based firm, said in a statement late on Saturday.
The Space Commission met New Delhi earlier on Saturday to consider what needs to be done over the pact between Indian Space Research Organisation`s commercial arm Antrix Corporation and Devas.
It decided to wait for the recommendation of the two-member commission appointed by Prime Minister Manmohan Singh to review all aspects of the pact signed in 2005.
Singh initiated the probe in view of allegations that the pact had caused heavy revenue loss, which both his government and ISRO have denied.
"Devas and its investors are confident that once the current misperceptions and inaccuracies are cleared, the legally binding Agreement we entered into in good faith will be fulfilled, despite the delay of over 2 years that has caused DOS (Department of Space)/ISRO/Antrix to be in material breach," the Devas statement said.