It is also contemplating investigation into activities of certain unknown government officials for their collusive behaviour and acts of omission and commission in extending undue favours to Devas at the government exchequer's cost.
Highly-placed sources said that various irregularities have come to notice through the findings of high-level team, which went into the deal, and needed to be probed further.
They said the government is also contemplating asking the ED and the I-T to ascertain credentials of Columbia Capital Devas (Mauritius) Ltd and Telecom Devas (Mauritius) Ltd, which had major stake in Devas.
"The government has received the probe report by the high-level team. There has been a recommendation by the team to probe the role of two Mauritius-based companies which had major stake in Devas. ED and I-T department can be asked to look into the recommendations," a source privy to the development said, requesting anonymity.
He, however, maintained that no final decision has been taken in this regard.
Devas did not give any comment on an email query sent by PTI in this regard.
Antrix, the commercial arm of ISRO, had signed a deal with Devas in January 2005 to provide it with crucial S-Band wavelength which is primarily kept for strategic interests of the country.
The spectrum was meant for running digital multimedia service by leasing 90 per cent transponders on two satellites -- GSAT—6 and GSAT—6A.
Following complaints of massive irregularities, the government scrapped the contract in 2010 and ordered an enquiry by the high-powered review committee last February.
Based on the committee's findings, the government had on May 31, constituted high-level team under the chairmanship of former Central Vigilance Commissioner Pratyush Sinha to further examine the facts and circumstances of the agreement.
The team has found uneven share holding patterns and rise in capital in the Devas between its inception in December 2004 and March 2010. The company was established by M/s Forge Advisors-USA with a share capital of Rs one lakh.
According to the report, soon after the signing of the agreement the ordinary share capital had increased to over Rs 5 lakh with 12 shareholders including three members of the FA-USA team who held 60 per cent of the ordinary share capital and the two Mauritius-based entities who held one ordinary share and 50% of the preferential shares each.
It noted as unusual the rise in its share capital from Rs one lakh to about Rs 18 lakh in 2010 "with no asset base and no Intellectual Property rights or patent in the relevant technology, and which has been making losses since inception, to collect Rs 578 crore as share premium from foreign investors."
"In order to get a clear picture of the changing pattern of ownership of Devas, the economic interest of various individuals in Devas and the extent to which the increase in share value has been encashed by individuals, the shareholding pattern of the company and of the Mauritius-based entities needs to be looked into by an appropriate investigative agency," the high-level team said.
Based on the Committee's report, the government is mulling appropriate action against certain ISRO officials for hiding facts about the deal and remaining "silent" on various issues.