New Delhi (JPN/Bureau): The Cabinet Committee on Security (CCS) will now take a decision on the Antrix-Devas deal, as Space Commission, the country's apex space policy body, on Saturday discussed a top-level restructuring of Antrix Corporation, ISRO's commercial arm.

"I can share with you that currently the paper is under consideration of the CCS. We expect the CCS to look at this proposal in the coming days and when a decision is conveyed to us, I would inform you," said K Radhakrishnan, who is now heading the Space Commission.

The Commission, at a meeting chaired by Radhakrishnan, was apprised of the actions taken on terminating Antrix's deal with Devas Multimedia Pt Ltd which reportedly could have caused Rs 2 lakh crore loss to the national exchequer.

The Space Commission appointed a three-member search committee to identify a new full-time Chairman for Antrix, who will be separate from the ISRO Chairman.

Secretary, Department of Space, is also the Chairman of Space Commission, ISRO and Antrix Corporation. Currently, K Radhakrishnan holds the four posts.

Addressing a press conference after the meeting, Radhakrishnan said it was decided to have a new Chairman-cum-Managing Director for Antrix considering its newly acquired 'mini ratna' status.

He said Antrix needed to be taken to the next level given the demand in the global market. However, he maintained that there was no complete restructuring of ISRO's commercial arm.

The decision comes as a review panel appointed by Prime Minister Manmohan Singh prepares to examine whether the Cabinet was misled by ISRO on the S-Band spectrum deal between Antrix and Devas Multimedia.

In 2005, Antrix signed a contract with Devas Multimedia to build two satellites on which Devas would lease transponders in India. Bundled into the deal was 70 MHz of S-Band spectrum which was priced at Rs. 1000 crore.

In December 2009, ISRO ordered a review of the deal and subsequently the Space Commission recommended its annulment on July 2, 2010. But surprisingly Antrix continued to take the project forward. Antrix and Devas continued to meet on the project as late January 2011.