The Prime Minsiter’s office has refuted report of revenues loss in a deal allowing use of S-band spectrum by a private company.

Reacting to reports in this regard, clarified that no decision has been taken by the Government to allocate space segment using S Band Spectrum to ANTRIX Corporation or Devas Multimedia.

It further asserted that in the absence of any spectrum allocation there is no question of revenue loss and reports to the contrary are without basis.

It alleged in a section of the media on Monday that ANTRIX Corporation, the commercial arm of Indian Space Research Organisation entered into an agreement in 2005 with Devas Multimedia allowing use of 70 megahertz of S-band spectrum without inviting bids resulting in huge revenue loss to the exchequer.

Opposition parties were quick on their feet to demand a thorough probe following media reports on Monday.