Bangalore (Agencies): Welcoming the Prime Minister Manmohan Singh’s move in initiating the probe into deal with the Indian space agency for scarce S-band spectrum, Devas Multimedia on Friday said it hoped for the investigation to get completed before any 'precipitate decision'.

'The company will cooperate in the fullest with these reviews, which it hopes will be completed before any precipitate decision is taken on the agreement,' company President and Chief Executive Officer Ramachandran Viswanathan said in a statement, referring to two-member commission set up on Thursday by the PM and the on-going review by the Comptroller and Auditor General of India (CAG).

Planning Commission member and former Cabinet Secretary BK Chaturvedi and Space Commission member and aerospace expert Roddam Narasimha who make up the panel have been asked to submit their report within a month.

The CAG also is reviewing the agreement signed by the Indian Space Research Organisation's (ISRO) commercial arm Antrix Corporation and the Bangalore-based Devas Multimedia on allotting S-band frequency - the high value and scarce radio waves.

The deal signed in 2005 is said to have caused revenue loss worth billions, though both the government and the ISRO have ruled it out, pointing out neither transponders have been allotted to Devas nor any radiowaves sanctioned for the firm yet.

'We are fully committed to working with anybody in the government on the reviews and will be willing to share any requested information with concerned agencies,' Viswanathan said.

He said 'as of date, Devas Multimedia has not received any official communication on the cancellation of the agreement nor have we been provided any reasons for such possible action'.

'We continue to await Department of Space/ISRO/Antrix to deliver the contracted space segment capacity, notwithstanding any statements they have made,' he said.

Viswanathan said, 'following media speculations about a potential cancellation of the agreement' in July last year, Devas 'had proactively volunteered to meet the Space Commission and DoS/ISRO/Antrix to address and clarify any questions in respect of the agreement.'

'The company has continually wished to ensure the facts of the agreement and the project were fully understood and that the unwarranted misrepresentations and misperceptions were avoided,' he said