A day after TIMES NOW brought out the story of the S-Band scam that threatens to be bigger than even the 2G spectrum scam, TIMES NOW goes after the people who need to answer on this scam.

Here are the undeniable details of the contract signed between Antrix and Devas on January 28, 2005:

The people representing the two sides - KR Sridhara Murthi, Executive Director, Antrix and SR Kururaj on behalf of Devas.

The contract says Antrix will ensure that Devas gets a part of the S-band on a lease basis.

The unbelieveable sweetness of the deal is Antrix will be responsible for obtaining all necessary government approvals, frequency clearance and funding for satellite.

Not just that, Antrix will lease to Devas Additional Sattelite capacity above and beyond PS2 satellite, and Antrix takes all the risk, insuring PS1 satellite and& also provide re-launch vehicle service for the PS1.

'No loss of revenue to Govt'

The Prime Minister's Office on Tuesday (February 8) denied media reports alleging that the government had incurred losses in allocation of S-band spectrum, saying no decision has been taken on the issue and hence charges of revenue loss were without basis.

A statement from the PMO spokesperson stated that the office had seen media reports alleging loss of government revenue in a contract entered into by ANTRIX (the commercial arm of Indian Space Research Organisation) and Devas Multimedia Private Limited due to lease of space segment capacity which would use S-Band spectrum.

The 'S-Band' scam as it's being called has the Indian Space research Organisation at the centre of it. When TIMES NOW first caught up with the then ISRO Chairman G Madhavan Nair during whose tenure the controversial S-Band deal was signed, he denied knowledge of the conttroversy.

Fingers are also being pointed at G Madhavan Nair who served as the Chairman of the scientific body from 2003 to 2009. He was in office when the deal was signed with ISRO. Also, he is the chairman of the Governing body of Antrix Corporation in Bangalore.

M G Chandrasekhar, chairman of Devas Multimedia, is also under fire. He has also worked in the ISRO as a scientific secretary and signed the controversial deal in 2005.