Monday, September 25, 2006

Jet Air to lose Rs 100 cr from escrow a/c on interest

New Delhi: The Bombay High Court order on Friday, permitting Jet Airways to withdraw Rs 1,500 crore deposited in an escrow account for acquiring rival Air Sahara might have come as a relief for Naresh Goyal, but legal eagles pointed out that the country's largest airline stands to lose slightly over Rs 100 crore immediately by way of commissions and interest income.
According to legal sources, Air Sahara would gain about Rs 40-45 crore immediately by way of interest accrued on the Rs 1,500 crore in the escrow account.
"As per the court order, the interest from January 17 to June 21 this year — which worked out to roughly Rs 40-45 crore — would be paid to Air Sahara.
In addition, it is also staking claim on the interest accrued from June 21 till date, which will work out to another Rs 20-25 crore. In all, around Rs 60 crore is expected to be paid to Air Sahara by way of interest alone,"a source said.
24/09/06 Times of India

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